The newly inaugurated National Tax Policy Implementation Committee (NTPIC) has pledged a “humane” and transparent rollout of the federal government’s new tax laws, signaling that contentious provisions; including changes to capital gains tax that recently rattled markets may be reviewed before the January 1 start date or adjusted during implementation.
Speaking in Abuja at the committee’s first press briefing, shortly after its inauguration by Finance Minister Wale Edun, committee chairman Joseph Tegbe described the panel’s work as the “beginning of the structural rollout of the new tax legislation recently enacted” and central to the Tinubu administration’s economic reforms.
Tegbe emphasized the government’s commitment to ensuring public understanding and meaningful participation, saying, “We want to reassure Nigerians and investors that implementation of this act will be fair, transparent, and done with a human face.”
Addressing concerns about the potential impact of the new tax laws, Tegbe assured that the rollout would be predictable and that taxpayers would not face surprises. “Some of those areas of concern will be addressed,” he said, adding that the systems being built would respect legitimate expectations, reduce uncertainty, and protect the most vulnerable.
On fears of government intrusion into personal finances, Tegbe was categorical: “The government has no business irresponsibly encroaching on personal bank accounts of citizens or residents in Nigeria.”
The committee’s structure, he explained, is designed to ensure broad consultation with businesses, subnational governments, civil society, and professional bodies, making certain that the reforms reflect shared priorities.
Regarding capital gains tax (CGT), Tegbe acknowledged the market sensitivity surrounding the policy. “There have been controversies. It almost crashed the stock market when some statements were made. The intervention of the Finance Minister helped stabilize the market,” he said. Tegbe added that the committee may recommend maintaining the status quo in some areas to avoid further disruption.
He emphasized that the rollout would be iterative, with adjustments made as issues emerge. “Nobody does implementation once and for all. Some provisions may require further scrutiny even after January 1,” he noted.
The reforms also include incentives aimed at spurring growth and protecting lower-income earners. Tegbe highlighted the president’s objective of exempting Nigerians with lower incomes from taxes wherever possible, balancing revenue generation with a favorable investment environment.
On revenue projections, Tegbe refrained from giving specific figures, noting that the national budget is still being finalized, but assured that stakeholder engagement would continue to ensure the reforms succeed.
Committee secretary Sanyade Okoli, Special Adviser to the President on Finance and the Economy, echoed Tegbe’s caution on revenue numbers. She referenced the Medium-Term Tax Expenditure Framework, approved by the Federal Executive Council, which projects N34 trillion in revenue, but said it would be premature to discuss allocations before the budget is finalized.
“Let’s allow the Minister of Budget and National Planning to complete that before we can give the numbers,” she advised.
