The chairman of the newly inaugurated National Tax Policy Implementation Committee (NTPIC), Mr Joseph Tegbe, has assured that the new tax laws scheduled to take effect on January 1, 2026, will be implemented in a fair, responsible and humane manner.
He gave the assurance in Abuja yesterday after the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, formally inaugurated the committee.
Mr Tegbe explained that the committee would carry out wide-ranging consultations with different groups in society, including business associations and professional bodies. He stressed that no business would be negatively affected, adding that the new tax framework would create room for businesses to thrive and attract both local and international investors.
He said, “Let me say that it’s extremely important to emphasise that the work ahead is huge and is critical for our national progress. The laws touch the foundations of tax administration, level the movement of federal and state interpretation, and ease of doing business. We want to reassure Nigerians and investors that implementation of this act will be fair, will be transparent, and we will do it with a human face.”
He acknowledged that there had been concerns from various quarters and added, “There will be no surprises. Some of those areas of concern will be addressed. The systems that we are building will respect legitimate expectations, reduce uncertainty, and protect the most vulnerable.”
The chairman noted that the committee was set up to guarantee broad consultation and collaboration, adding that they would ensure every stakeholder is carried along. According to him, they would meet with businesses, state governments, civil society groups, and professional organisations.
Government Won’t Touch Personal Bank Accounts — Tegbe
Mr Tegbe also made it clear that the implementation of the new tax laws would not involve interfering with the personal bank accounts of citizens.
He said, “The government has no business irresponsibly encroaching on personal bank accounts of citizens or its residents in Nigeria. The government is not going to be encroaching on their personal accounts. Nigerians are not under probe or under investigation.”
He added that the committee would address sensitive areas such as the Capital Gains Tax (CGT), which had generated significant public debate.
According to him, “There are areas of concern that have been expressed. This government is a humane government, and this government will work hard with stakeholders to ensure that areas that need further clarification and further resolutions are addressed. One of those areas is Capital Gains Tax (CGT).”
He noted that although the laws would take effect on January 1, some provisions may need to be reviewed before implementation to ensure everything is done responsibly.
CGT Controversy Nearly Disrupted Stock Market
Mr Tegbe highlighted why further consultation on the CGT was necessary, explaining that recent comments on the tax almost caused a crash in the capital market.
He said, “On the Capital Gains Tax, there have been controversies. It almost crashed the stock market when some statements were made. It took the intervention of the Minister of Finance for the stock market to bounce back. We will look at that.”
He hinted that maintaining the current position in some areas might be necessary while consultations continue.
He added that the implementation process would allow for adjustments where needed, saying some seemingly unfavourable provisions might later prove more beneficial after proper refinements.
He explained that this approach would guide the committee’s work as they move towards full implementation.
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