FG sets up Tax Policy Committee after SEC, NGX push for market-friendly CGT rollout

By Chukwuma Umeorah

The federal government has inaugurated the National Tax Policy Implementation Committee (NTPIC) following sustained engagements with the Securities and Exchange Commission (SEC) and the Nigerian Exchange Group (NGX Group), who had urged a measured and market-aligned approach to implementing the newly enacted capital-gains-tax (CGT) provisions.

The committee, chaired by tax and fiscal-policy expert Joseph Tegbe, is expected to guide the rollout toward clarity, predictability and investor protection. Its mandate includes issuing transparent guidelines, coordinating broad consultations and ensuring that the implementation framework does not unsettle market liquidity or undermine investor participation.

At the inauguration, Tegbe said the government would prioritise balance and transparency throughout the process. “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.

The step comes after SEC, NGX Group and other market operators outlined the risks of a rapid CGT rollout, warning that abrupt enforcement could weigh on liquidity, dampen sentiment and affect Nigeria’s competitiveness at a time when authorities are working to attract deeper pools of domestic and foreign capital.

GMD and CEO of NGX Group, Temi Popoola, welcomed the government’s shift, noting that engagements with policymakers had focused on balancing fiscal objectives with the need to protect market depth. “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,” he said. He added that global competitiveness depends not only on policy intent but also on the precision of execution, especially for emerging markets seeking cross-border flows.

Government consultations intensified after the Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, visited NGX Group and received detailed feedback from operators on potential unintended consequences of an abrupt CGT rollout.

Analysts say the inauguration of the NTPIC signals a more structured direction for fiscal reforms, suggesting that authorities intend to anchor implementation on evidence and broad consultation rather than speed.

Both SEC and NGX Group have pledged continued collaboration with the committee to ensure that the CGT rollout supports confidence, encourages wider participation and aligns with long-term capital-market development goals.