Nigeria: 2023 budget, tax measures in Finance Act, 2022

A report discussing the 2023 federal budget

A report discussing the 2023 federal budget

The KPMG member firm in Nigeria prepared a report discussing the 2023 federal budget that described that the Finance Act, 2022—which has been passed by the National Assembly, but is undergoing some reviews before being assented to by the President—includes the following tax measures:

  • Phase out of tax incentives for mature industries
  • Taxation of gains from the disposal of digital assets such as cryptocurrencies
  • Alignment of petroleum taxation with the Petroleum Industry Act, 2021
  • Increase of the tertiary education tax rate from the current 2.5% rate to 3%

Read a 2023 report [PDF 306 KB] prepared by the KPMG member firm in Nigeria


The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 3712, 1801 K Street NW, Washington, DC 20006.