Nigerian Presidential Committee Chairman Addresses Investor Frustration Claims

Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has clarified claims that Nigerian investors are frustrated with the Capital Gains Tax (CGT) contained in the Nigerian Tax Act. In a statement released on his social media account, Oyedele dismissed the claims, stating that they mischaracterize both the policy and his engagements with stakeholders.

The clarification comes amid reports of investor frustration with the CGT, which imposes a 30% tax on gains from the disposal of Nigerian assets. Oyedele emphasized that his stance on tax and fiscal reforms is progressive and aligned with advanced economies, rather than socialist. He noted that the CGT does not hinder Nigeria’s competitiveness and predictability, as competitiveness is determined by overall returns and risk factors, not the absence of CGT.

Oyedele cited a recent virtual engagement with investors, where 281 participants from over 10 countries attended, and approximately 80% of those who provided feedback rated the engagement highly, with an average rating of 8.6 out of 10. He argued that exempting low-income earners and small businesses from taxation while fairly taxing the wealthy is a principle of progressive taxation, common in advanced economies.

The CGT is part of a broader tax reform effort in Nigeria, aimed at promoting fairness and strengthening the economy. In June 2025, President Bola Ahmed signed tax reform bills into law, which are expected to be implemented in January 2026. Oyedele emphasized that the tax reform addresses various issues affecting the capital market and aims to attract more investments, particularly from retail investors.

By addressing the claims of investor frustration, Oyedele reinforced his commitment to contributing to reforms that strengthen Nigeria’s economy and promote fairness. The implementation of the tax reform bills in 2026 will be a significant development in Nigeria’s efforts to enhance its economic competitiveness and attractiveness to investors.