FG Mulls Overhaul of Capital Gains Tax

Following the controversy generated by the new Capital Gains Tax, the National Tax Policy Implementation Committee (NTPIC), over the weekend revealed that it will 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 the Committee’s inauguration by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, also promised that areas of concern 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, which is part of the 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.

The Law had caused panic in the capital market with investors withdrawing over N2 trillion

But briefing journalists, Tegbe noted that the 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.” he said.