The Federal Government has renewed its commitment to implementing Nigeria’s new tax laws in a manner that is fair, transparent, and sensitive to the needs of citizens and investors. This assurance was given by the Chairman of the National Tax Policy Implementation Committee, Joseph Tegbe, shortly after the committee was officially inaugurated by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, in Abuja on Friday.
Tegbe addressed widespread concerns that the new tax reforms might lead to unwarranted access to citizens’ personal bank accounts. He dismissed such fears, emphasizing that the reforms do not include any plan to probe or intrude into the financial privacy of ordinary Nigerians. According to him, neither the government nor the committee has any intention of “irresponsibly encroaching on personal bank accounts of citizens or residents.”
He explained that the reform package is structured to promote economic stability, strengthen government revenue, and shield vulnerable groups from financial pressure. While January 1 remains the official commencement date for the new tax measures, he stressed that nothing harmful or destabilizing would be introduced into the system. “There will be no surprises,” he said, assuring both local and foreign investors that the policies would be implemented with caution and respect for the broader economic environment. He added that the new tax systems being developed aim to reduce uncertainty, uphold legitimate expectations, and protect low-income citizens.
Tegbe also highlighted that the committee was created to ensure broad stakeholder engagement. He noted that effective implementation would require input from businesses, state governments, civil society groups, and professional bodies. According to him, the administration wants every major stakeholder to understand the reforms and have a sense of ownership in the process.
Acknowledging lingering concerns over certain aspects of the new laws, particularly the capital gains tax, Tegbe said the committee would continue to engage with affected sectors. He admitted that the capital gains tax provision had caused volatility in the stock market until the Finance Minister intervened. Because of this, some elements of the law may still be reviewed before the implementation date. He hinted that in some areas, the government may maintain the current system if necessary.
Tegbe stressed that tax reform is not solely about imposing levies; it also involves designing incentives that create a supportive environment for investors. He explained that the new Act includes measures that encourage both local and foreign investment, noting that the administration is committed to ensuring that these incentives remain effective.
He also pointed out that the reforms take into account the welfare of low-income earners. The government, he said, is determined to preserve the expanded tax reliefs designed to reduce the burden on those with lower incomes. “We will not lose that benefit,” he assured, emphasizing that the administration will not roll back progress made in supporting low earners through wider tax bands.
Tegbe concluded that the government aims to implement the reforms in a responsible and humane way. With proper execution, he said, Nigerians should expect better revenue mobilisation, fewer leakages, and a more competitive economic environment. He added that the committee would continue to refine the system as implementation progresses.
The National Tax Policy Implementation Committee—approved by President Bola Tinubu and inaugurated on November 28, 2025—is responsible for coordinating the nationwide rollout of the new tax laws, with Tegbe serving as chairman.
