The Federal Government has inaugurated the National Tax Policy Implementation Committee, signifying a deliberate shift towards a more predictable and market-aligned rollout of the newly enacted capital-gains-tax provisions.
This initiative follows extensive technical engagements with key capital-market institutions, including the Securities and Exchange Commission and Nigerian Exchange Group. The action reflects policymakers’ recognition of the market’s critical role in sustaining liquidity, price discovery, and long-term capital formation.
Leading tax and fiscal-policy expert Joseph Tegbe has been appointed to chair the committee. The NTPIC is tasked with steering the implementation process toward clarity, investor protection, and policy coherence, ensuring transparent guidelines, broad stakeholder consultation, and an execution framework that minimizes market disruption while reinforcing confidence among domestic and foreign investors.
Tegbe stated that the government would avoid policies that risk disrupting market activity or business 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 at the inauguration.
The shift in approach follows sustained engagements by the NGX Group and the SEC, during which market operators outlined the potential implications of a rapid CGT rollout on liquidity, investor sentiment, and the market’s competitiveness, especially as Nigeria seeks deeper pools of domestic and foreign capital.
Temi Popoola, GMD/CEO of NGX Group, commended the government’s approach. He noted that the group, in collaboration with the SEC, has consistently advocated for a data-driven approach that balances fiscal objectives with the need to preserve market depth. “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,” he said.
Popoola further stressed the importance of the capital market, stating, “Our engagements with government have focused on ensuring that implementation supports the capital market’s role in long-term investment and economic growth.” He noted that global competitiveness hinges not only on policy intent but also on the precision of execution, particularly for emerging markets seeking cross-border flows.
The government’s consultations intensified after the Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, visited NGX Group, where market operators outlined the potential unintended consequences of an abrupt CGT rollout.
Analysts view the inauguration of the NTPIC as a constructive signal to investors, indicating that authorities intend to anchor fiscal reforms in evidence and consultation, rather than speed alone. Both the SEC and NGX Group have pledged continued collaboration with the committee to ensure that the eventual CGT implementation supports confidence, broadens participation, and aligns with long-term capital-market development objectives.
