By Providence Ayanfeoluwa
Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has assured that the new Tax Reform Act is designed to promote fairness and sustainability without discouraging investments.
Speaking at a forum organised by the Nigerian Exchange Limited (NGX) to sensitise stakeholders on the implications of the 30 per cent Capital Gains Tax (CGT), Oyedele explained that the Act seeks to create a transparent and sustainable tax environment.
“The Reform Act is not to stifle investments but to ensure equity. Platforms like NGX allow us to engage stakeholders, clarify provisions, and incorporate feedback into implementation,” he said.
The NGX, in turn, reassured investors that it remains committed to safeguarding Nigeria’s investment appeal as the new Act takes effect in January 2026.
The high-level dialogue, held virtually, brought together policymakers, issuers, regulators, investors, and market intermediaries to examine the provisions of the CGT and align them with global standards.
Stakeholders, however, raised concerns about implementation, particularly issues around determining base costs and treatment of cross-listed securities, which could create compliance difficulties and risks of double taxation.
Group Chairman of NGX Group, Alhaji Umaru Kwairanga, said the Exchange will continue to bridge the gap between policy and market realities.
“Policy shifts must be well understood to preserve confidence. Our role is to facilitate this engagement to ensure reforms support sustainable growth,” he stated.
From the market perspective, Group Managing Director/CEO of NGX Group, Temi Popoola, stressed the need for resilience. He said: “Fiscal reforms raise valid concerns for issuers and investors. Our duty is to ensure the market adapts while remaining attractive and forward-looking.”
Participants described the dialogue as timely and constructive, praising NGX for its leadership in convening stakeholders and fostering solutions-driven engagement.
source; Vanguard News