Section 79 Nigeria Tax Administration Act 2025

Section 79 of the Nigeria Tax Administration Act 2025 is about Power of the President to designate relevant authority. It provides as follows:

(1) The President shall, by an order published in the Federal Government Gazette, designate a relevant agency of the Federal Government with the primary responsibility for the regulation of all forms of virtual assets defined in the Fifth schedule to this Act.

(2) The relevant agency designated under subsection (1) shall implement the responsibilities of a relevant authority prescribed in the Fifth schedule to this Act.

(3) A VASP or taxable person engaged in virtual assets related activities, including the exchange, trading, custody, or issuance of virtual assets, shall undertake obligations set out in the Fifth Schedule to this Act.

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