FG inaugurates panel for capital gains tax rollout

CEO of Nigerian Exchange Limited, Temi Popoola

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The Federal Government has inaugurated the National Tax Policy Implementation Committee to guide the rollout of the newly enacted capital gains tax provisions in a more predictable, market-aligned manner.

The move follows months of engagements with key capital market institutions, including the Securities and Exchange Commission and the Nigerian Exchange Group, reflecting the government’s growing recognition of the market’s role in driving liquidity, price discovery, and long-term capital formation.

Chaired by tax and fiscal policy expert Joseph Tegbe, the committee has been mandated to ensure clarity, transparency, and coherence in the implementation process. Its terms of reference include producing clear guidelines, undertaking broad stakeholder consultations, and developing an execution model that avoids market disruption while protecting investors.

Speaking at the inauguration, Tegbe said the government would not introduce policies in a way that distorts market activity or discourages investment. “Implementation of the new tax laws will be fair, transparent and humane. We will not roll out these policies in a way that cripples businesses or investors. Stakeholder engagement will be central to this process,” he said.

The shift in government posture follows sustained engagements by the NGX Group and the SEC, during which market operators highlighted the potential consequences of an abrupt CGT rollout on liquidity, investor confidence, and market competitiveness.

Group Managing Director and CEO of NGX Group, Temi Popoola, commended the government’s consultative approach. He noted that the exchange, working with the SEC, has consistently advocated for a data-driven method that balances fiscal objectives with the need to preserve market depth and participation.

“We support the modernisation of Nigeria’s tax system, but reforms of this scale must be carefully calibrated to protect liquidity, sustain participation and maintain competitiveness,” Popoola said.

Government consultations deepened after the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, visited NGX Group, where operators emphasised the risks associated with a rapid rollout of the tax. Analysts describe the inauguration of the committee as a positive signal for investors, suggesting fiscal reforms will now be anchored on evidence, consultation, and market realities.

Both the SEC and NGX Group have pledged to continue working with the committee to ensure that the eventual implementation of the capital-gains-tax provisions strengthens investor confidence, broadens participation, and aligns with long-term capital-market development goals.

Aina is a budding reporter with over a year experience covering crime, court and city for Metro.

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