Federal Gov't Pledges Fair, Transparent Implementation Of New Tax Laws

The federal government has assured citizens and investors that the rollout of recently enacted tax laws will be carried out responsibly, transparently, and with consideration for economic realities.

This commitment was given on Friday in Abuja by the chairman of the National Tax Policy Implementation Committee (NTPIC), Joseph Tegbe, following the inauguration of the committee by the minister of finance and coordinating minister of the economy, Wale Edun.

Tegbe emphasised that the government has no intention of intruding into the private bank accounts of Nigerians, dismissing concerns that individuals or businesses were under surveillance or investigation. “Government is not going to encroach on anyone’s personal accounts. Nigerians are not under probe,” he stated, adding that the administration remained focused on building public trust.

He further assured both local and foreign investors that the January 1 implementation timeline would not introduce policies that could destabilize the economy. According to him, the reforms are being designed to reduce uncertainty, provide clarity for taxpayers, and protect vulnerable groups.

“Some of the areas that have raised public concern will be addressed. The systems we are putting in place will respect legitimate expectations while reducing unpredictability,” Tegbe noted.

He explained that the committee was established to ensure broad stakeholder engagement, adding that consultations would extend to businesses, state governments, civil society organisations, and professional bodies. The goal, he said, is to secure collective ownership of the reform process.

Tegbe acknowledged that certain provisions—particularly the Capital Gains Tax (CGT)—have generated anxiety in the market. He cited recent incidents where misinterpretation of the CGT reforms briefly unsettled the stock market until the Finance Minister intervened. “We will revisit some of these provisions. In some cases, the status quo may remain while consultations continue,” he said.

While reiterating the government’s commitment to begin implementation on January 1, he clarified that some sections of the law may require further review to ensure a balanced approach.

He emphasised that tax policy must create a conducive environment for investment, noting that the new laws also contain incentives aimed at stimulating economic activity.

Tegbe added that several elements of the Act—including the establishment of the National Revenue Service (NRS) and the restructuring of revenue-generating institutions—would deliver long-term benefits. A key priority, he said, is President Bola Ahmed Tinubu’s commitment to shielding low-income earners from excessive tax burdens through expanded exemption bands.

“As we implement, we will continue to refine. This is a sensitive, responsive, and responsible government. We will not lose sight of the provisions that benefit Nigerians,” he said.

The committee chairman also disclosed that concerns surrounding incentives such as pioneer status and other investment-related provisions would be reviewed to ensure they align with the administration’s economic objectives.