Nigeria made $276 million taxing digital payments. Crypto withdrawals are next
- Nigeria's EMTL collections rose to ₦392.78 billion ($276.29 million) in the first 11 months of 2025, doubling from ₦189.52 billion ($133.31 million) in 2024.
- The government plans to extend the EMTL to crypto withdrawals, viewing it as a predictable revenue source.
- Projected revenue from the EMTL is expected to reach ₦456.07 billion ($320.81 million) in 2026 and ₦752.45 billion ($529.29 million) by 2028.
The extension of the EMTL to crypto transactions represents a significant shift in Nigeria's approach to digital finance, aiming to enhance revenue while integrating the crypto market into the formal economy. However, the potential impact on user behavior and market dynamics remains to be seen, as traders may adapt in various ways to the new tax structure.
