Nigeria's former President, Muhammadu Buhari, reportedly signed the Finance Act 2023 into law on 28 May 2023, his final full day in office. Key tax measures include:

• Gains on the disposal of digital assets are included as chargeable to capital gains tax at a rate of 10%, such as cryptocurrency, non-fungible tokens, etc.;
• New rules are introduced for the deduction of capital losses on the disposal of assets from capital gains on the disposal of assets of a similar class, with unabsorbed losses allowed to be carried forward for a maximum of 5 years;
• Qualifying assets for rollover relief are expanded to include shares and stocks, provided that sales proceeds are reinvested within the same year of assessment;
• The 10% investment allowance on plant and equipment is repealed, with investment allowances granted prior to the effective date allowed to be claimed until fully utilized;
• The Tertiary Education Tax rate from 2.5% to 3% of assessable profits;
• A 0.5% levy is introduced on goods imported into Nigeria from outside Africa;
• Rules are introduced for the levy of excise tax on telecommunication services at rates to be prescribed through a presidential order;
• Transfer pricing rules are extended to VAT on transactions between connected persons that are considered to be artificial or fictitious;
• New rules are introduced for importers of goods purchased via electronic or digital platforms from a non-resident supplier appointed by the Federal Inland Revenue Service to charge and collect VAT, including that the importer must provide proof of the non-resident's appointment and registration and evidence that VAT was charged, otherwise VAT must be paid by the importer at the port of entry;
• The deadline to remit VAT withheld by companies appointed to do so is set to the 14th of the month following the month of transaction; and
• "Building" for VAT purposes is redefined to exclude any structure not permanently affixed to land for all or most of its useful life.

Note, the Finance Act 2023 was initially to be effective from May 2023, but Nigeria's new President, Bola Tinubu, subsequently signed the Finance Act (Effective Date Variation) Order 2023, providing that the Finance Act 2023 is effective from 1 September 2023.