By our correspondant, Lagos
THE Federal Government has inaugurated the National Tax Policy Implementation Committee (NTPIC) to oversee the structured and market-aligned implementation of the newly enacted capital gains tax (CGT) provisions, signalling a shift toward predictability and investor-sensitive execution of fiscal reforms.
The committee, chaired by renowned tax and fiscal policy expert, Joseph Tegbe, is expected to provide clarity, ensure policy coherence and protect investor interests through transparent guidelines, broad stakeholder engagement and an implementation framework designed to minimise market disruption.
At the inauguration, Tegbe said the government was committed to a fair and humane rollout of the new tax regime. “Implementation of the new tax laws will be transparent and considerate. We will avoid policies that could disrupt market activity or cripple businesses and investments. Stakeholder engagement will remain central to the process,” he said.
The move follows extensive consultations with key capital market institutions, including the Securities and Exchange Commission (SEC) and the Nigerian Exchange Group (NGX Group), where operators raised concerns about the potential impact of a rapid CGT implementation on liquidity, investor confidence and market competitiveness.
Group Managing Director and Chief Executive Officer of NGX Group, Temi Popoola, commended the government’s consultative approach, noting that the Exchange, in collaboration with the SEC, has consistently advocated data-driven reforms that balance revenue objectives with market stability. He stressed that the success of fiscal reforms in emerging markets depends not only on policy intent but also on the precision of execution.
Consultations intensified following a visit by the Coordinating Minister of the Economy and Minister of Finance, Wale Edun, to the NGX Group, where market stakeholders outlined possible unintended consequences of an abrupt CGT rollout.
Analysts say the inauguration of the NTPIC sends a positive signal to investors, indicating that fiscal reforms will be guided by evidence and stakeholder input rather than speed alone. The SEC and NGX Group have pledged continued collaboration with the committee to ensure that CGT implementation supports market confidence, deepens participation and promotes long-term capital market development.
