The development comes after a series of technical engagements with major capital-market institutions, including the Securities and Exchange Commission (SEC) and the Nigerian Exchange Group (NGX Group). The consultations were designed to balance government revenue goals with the need to preserve liquidity, stability and long-term investment in the financial markets.
The committee, chaired by renowned fiscal-policy expert Joseph Tegbe, has been mandated to drive an implementation framework that prioritises clarity, investor protection and broad stakeholder participation. Its role includes creating transparent guidelines, harmonising execution across institutions and ensuring that the rollout does not disrupt market operations.
Tegbe assured that the government would adopt a cautious, business-friendly approach.
“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 shift in approach follows sustained advocacy by capital-market operators who warned that a rapid deployment of CGT rules could affect liquidity, dampen investor sentiment and undermine Nigeria’s competitiveness at a time when the country is seeking stronger domestic and foreign capital inflows.
Temi Popoola, Group Managing Director of NGX Group, praised the administration’s decision to pursue a more structured implementation timeline. He noted that the NGX and SEC had consistently advised that reforms of this scale require careful calibration.
“We support the modernisation of Nigeria’s tax system, but reforms must be executed in a way that protects liquidity, sustains participation and enhances competitiveness,” Popoola said.
He added that global competitiveness, especially for emerging markets, depends on both sound policy direction and precision in execution.
Government consultations intensified following a visit by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, to the NGX Group, where operators highlighted the potential unintended consequences of a rushed CGT rollout.
