The Federal Government (FG) has launched the National Tax Policy Implementation Committee (NTPIC), signaling a deliberate and coordinated approach to rolling out the recently enacted Capital Gains Tax (CGT) provisions. This initiative aims to create a predictable, market-aligned framework that balances fiscal objectives with the stability of Nigeria’s capital markets.
The decision follows extensive consultations with key stakeholders, including the Securities and Exchange Commission (SEC) and the Nigerian Exchange Group (NGX Group). These engagements highlighted the market’s crucial role in maintaining liquidity, accurate price discovery, and long-term capital formation, prompting policymakers to adopt a collaborative and evidence-driven strategy.
Chaired by tax and fiscal policy expert Joseph Tegbe, the NTPIC has been tasked with ensuring clarity, investor protection, and policy coherence throughout the implementation process. Tegbe emphasized that the rollout will prioritize fairness and transparency, with broad stakeholder engagement to minimize disruptions for businesses and investors. “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,” he stated.
NGX Group CEO, Temi Popoola, welcomed the move, noting that the committee reflects a balanced approach to modernizing Nigeria’s tax system while protecting market liquidity and competitiveness. He highlighted that global competitiveness depends not only on policy intentions but also on the precision of execution, particularly for emerging markets like Nigeria that seek increased domestic and foreign investment.
Market analysts see the inauguration of the NTPIC as a positive signal to investors, demonstrating the government’s commitment to evidence-based reforms rather than rushed policy changes. Both SEC and NGX Group have pledged continued collaboration with the committee to ensure that CGT implementation enhances investor confidence, broadens participation, and strengthens Nigeria’s capital market for long-term growth.
source: Business day