Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has responded to reports that Nigerian investors are frustrated with the Capital Gains Tax (CGT) imposed by the Nigerian Tax Act. In a statement posted on his social‑media account, Oyedele rejected these claims, arguing that they mischaracterise both the policy and his engagements with stakeholders.
Oyedele clarified that the CGT, which levies a 30 percent tax on gains from the disposal of Nigerian assets, does not undermine Nigeria’s competitiveness or predictability. He noted that competitiveness is determined by overall returns and risk factors, not by the mere absence of a CGT. He stressed that his approach to tax and fiscal reforms is progressive and aligned with practices in advanced economies, rather than socialist.
Citing a recent virtual engagement with investors, Oyedele highlighted that 281 participants from more than ten countries attended, and about 80 percent of those who provided feedback rated the session highly, giving it an average score of 8.6 out of 10. He argued that exempting low‑income earners and small businesses while fairly taxing the wealthy reflects a principle of progressive taxation common in developed nations.
The CGT forms part of a broader tax‑reform agenda aimed at promoting fairness and strengthening the economy. In June 2025, President Bola Ahmed signed tax‑reform bills into law, with implementation slated for January 2026. Oyedele emphasized that these reforms address various challenges in the capital market and are intended to attract more investment, particularly from retail investors.
By addressing the alleged investor frustration, Oyedele reaffirmed his commitment to reforms that bolster Nigeria’s economy and promote fairness. The forthcoming implementation of the tax‑reform bills in 2026 is expected to be a significant step toward enhancing the country’s economic competitiveness and attractiveness to investors.
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