FG to Review Capital Gains Law, Address Concerns in New Tax Policy

*Opts for responsible, humane application, adopts wider consultation approach

*Assures govt won’t encroach on citizens’ bank accounts

Ndubuisi Francis in Abuja

Barely one month to the activation of the new tax law, the National Tax Policy Implementation Committee (NTPIC), yesterday, promised to consult widely in addressing areas of concern.The Committee assured Nigerians and the investing public that it would be fair, responsible and transparent while giving the policy a human face in the course of execution.

The Chairman of the committee, Mr. Joseph Olasunkanmi Tegbe, who gave the assurance in Abuja, after it was inaugurated by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, also promised that areas of concen in the new tax law, including the Capital Gains Tax (CGT), will be addressed via wider consultations.The government plans to impose a 30 per cent levy on the sale of Nigerian shares unless the proceeds are reinvested in other listed or unlisted domestic equities. The change — part of a new tax law — would triple capital gains tax on foreigners.Stakeholders in the Nigerian capital market had called for a moratorium because of concerns that the policy would deter foreign investors.

Nigerian Exchange Group Plc, operator of the nation’s stock market, had called for either the removal of the tax or a deferment for five years.Concerns about the size of the new levy had led to a 6.9 percent decline in Nigerian equities in November, the worst monthly performance this year.But briefing journalists, Tegbe noted that tax implementation committee would eschew anything disruptive or injurious to the economic interest of the country.

Ahead of the January 1, 2026, roll out of the new tax law, Tegbe stated that it was extremely important to emphasise, “that the work ahead is huge and is critical for our national progress.”The CGT is among areas of concern that would be addressed “in the next few days,” Tegbe added.According to him, “The tax laws touch the foundations of tax administration, level of federal and state interpretation, and ease of business. We want to reassure Nigerians and investors that the implementation of this Act will be fair, will be transparent, and we will  do it with human face.

“There have been concerns, and I will touch on that. There will be no surprises. Some of those areas of concern will be addressed. The systems that we are building will respect legitimate expectations, reduce uncertainty, and protect the most vulnerable.

“The committee inaugurated today has been set up to ensure broad and meaningful consultations and collaboration. We do believe it is extremely important. We want to ensure that all stakeholders are aware and have fair buy-in and ownership of whatever they implement.

“So, we will meet widely, both businesses, subnational governments, civil societies, and also professional bodies. Let me make some categorical statements.“The government has no business irresponsibly encroaching on personal bank accounts of citizens or its residents in Nigeria.“The government is not going to be encroaching on their personal accounts. Nigerians are not under probe or under investigation.

“Second, there are areas of concern that have been expressed. This government is a humane government, and this government will work hard to build stakeholders to ensure that areas that need further clarification and further resolutions are addressed. One of those areas is the CGT.”

Speaking further, he said: “We will ensure that we are fully engaged and ensure that whatever resolutions are done actually take into consideration the concerns that have been expressed.”Tegbe explained that, much as the Committee would proceed with the January 1 implementation schedule, there might be some provisions that would be reconsidered before then.

He noted that the tax policy remains one of the most important undertakings of the Bola Tinubu-led administration.“I have the direct mandate of Mr. President and that of the Minister of Finance. It is not by proxy. Direct,” he insisted.Tegbe, stressed that everything would be implemented responsibly and humanely.

Responding to questions from journalists, Tegbe maintained that while the law would commence in January, grey areas would be refined in the course of implementation.According to him, “As you are implementing, you are learning, you are refining. There are clear areas that we have identified. One of them, I mentioned, is the CGT.

“The capital gains tax, there have been controversies. It almost crashed the stock market when some statements were made.“It took the intervention of the Minister of Finance for the stock market to bounce back. We will look at that. And some of the things you will hear in the next few days are that there might be areas where the status quo might be maintained.”He noted that the approach entails implementing and refinements.The NTPIC, which was inaugurated by Edun has Sanyade Okoli as Secretary of the Committee.