The Federal Government of Nigeria has taken a significant step towards modernizing its tax system with the inauguration of the National Tax Policy Implementation Committee (NTPIC). Minister of Finance and Coordinating Minister of the Economy, Wale Edun, launched the committee on behalf of the government, marking a crucial milestone in the efforts to strengthen Nigeria’s economic competitiveness.

The move comes on the heels of recently passed tax legislation, which Edun described as one of the most transformative updates to Nigeria’s tax framework in years. He emphasized that effective implementation will require meticulous coordination, nationwide consultation, and clear communication, particularly with the private sector and financial markets. The minister highlighted the importance of confidence-building communication, citing recent market volatility triggered by misinterpreted information.

Edun reaffirmed the government’s commitment to due process, stressing that it will not intrude into private bank accounts and will focus on lawful, transparent reform. These reforms are integral to President Bola Tinubu’s Renewed Hope Agenda and the Economic Management Team’s drive to stabilize the economy and improve the business environment.

Joseph Tegbe, who will chair the committee, expressed his gratitude to the president and minister for their confidence in him. He pledged to adopt a balanced approach that is sensitive to the needs of the private sector, ensuring that tax reforms do not stifle enterprise or innovation. The committee’s work will be guided by the principles of equity, certainty, convenience, and competitiveness.

The NTPIC will commence work immediately, with subcommittees and a December work plan to be issued shortly. The committee’s primary objectives include harmonizing implementation, resolving administrative issues, and ensuring a coherent rollout that strengthens trust, compliance, and long-term economic growth. The successful implementation of the new tax policy is expected to play a crucial role in enhancing Nigeria’s economic competitiveness and attracting investment. With the committee’s work underway, the government is poised to make significant strides in creating a more favorable business environment and driving economic growth.