FG assures Nigerians of fair, transparent implementation of new tax laws

The Federal Government has reassured Nigerians and investors that the implementation of the newly enacted tax laws will be fair, transparent, and carried out with a strong sense of responsibility.

Chairman of the National Tax Policy Implementation Committee (NTPIC), Mr Joseph Tegbe, gave the assurance on Friday after the committee was inaugurated in Abuja by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun.

Tegbe dismissed widespread concerns that government plans to monitor or interfere with the personal bank accounts of citizens, stressing that “Nigerians are not under probe or investigation, and the government has no business encroaching on personal accounts.

He further assured both local and international investors that the reforms taking effect on January 1 will not destabilise the economy.

“There will be no surprises. Areas of concern will be addressed. The systems we are building will respect legitimate expectations, reduce uncertainty, and protect the most vulnerable,” he said.

According to him, the newly inaugurated committee will adopt broad-based consultations with businesses, subnational governments, civil society organisations, and professional bodies to ensure buy-in and smooth implementation.

Tegbe noted that the reforms are designed not only to strengthen tax administration but also to create a more competitive investment environment.

Taxes are not just about revenue. The Act also contains incentives that will encourage both foreign and local investments,” he stated.

Speaking on contentious areas, he acknowledged concerns around the Capital Gains Tax (CGT), noting that earlier statements had created market anxieties.

“It almost crashed the stock market until the Minister intervened. We will take a second look at contentious provisions. In some areas, the status quo may be maintained pending wider consultation,” he added.

He emphasised that President Bola Ahmed Tinubu’s administration remains committed to protecting low-income earners, citing improvements in tax thresholds and exemptions.

Tegbe described the tax reform programme as “one of the most important undertakings of this administration”, adding that its successful execution will boost revenue mobilisation, reduce leakages, and promote economic stability.

He assured that the government will continue to refine the implementation process while maintaining sensitivity to public concerns, including issues around pioneer status incentives and other investment-linked policies

Culled from Tribune