In move expected to birth a more predictable and market-aligned rollout of the newly enacted capital-gains-tax (CGT) provisions, the Nigerian Government has set up a National Tax Policy Implementation Committee (NTPIC).
The move follows extensive technical engagements with key capital-market institutions, such as the Securities and Exchange Commission (SEC) and Nigerian Exchange Group (NGX Group), reflecting policymakers’ recognition of the market’s role in sustaining liquidity, price discovery and long-term capital formation.fr
Chaired by leading tax and fiscal-policy expert, Joseph Tegbe, the committee, inaugurated on Friday, December 5, is tasked with steering the implementation process toward clarity, investor protection and policy coherence. Its mandate includes ensuring transparent guidelines, broad stakeholder consultation and an execution framework that minimizes market disruption while reinforcing confidence among domestic and foreign investors.
Caption: Members of the National Tax Policy Implementation Committee with Minister of Finance with Coordinating Minister of the Economy, Mr. Wale Edun (front row middle), after the inauguration on Friday, December 5.
Tegbe said the government would avoid policies that risk disrupting market activity or business investment, assuring that “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 follows sustained engagements by 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 at a time when Nigeria is seeking deeper pools of domestic and foreign capital.
Temi Popoola, Group Managing Director and Chief Executive Officer of NGX Group, commended the government’s approach, noting 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.
For him, “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.
“Our engagements with government have focused on ensuring that implementation supports the capital market’s role in long-term investment and economic growth”.
Popoola added 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 Honorable 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 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.
