The federal authorities has assured residents and traders that the rollout of not too long ago enacted tax legal guidelines might be carried out responsibly, transparently, and with consideration for financial realities.
This dedication was given on Friday in Abuja by the chairman of the Nationwide Tax Coverage Implementation Committee (NTPIC), Joseph Tegbe, following the inauguration of the committee by the minister of finance and coordinating minister of the economic system, Wale Edun.
Tegbe emphasised that the federal government has no intention of intruding into the personal financial institution accounts of Nigerians, dismissing issues that people or companies have been below surveillance or investigation. “Authorities isn’t going to encroach on anybody’s private accounts. Nigerians are usually not below probe,” he acknowledged, including that the administration remained targeted on constructing public belief.
He additional assured each native and international traders that the January 1 implementation timeline wouldn’t introduce insurance policies that might destabilize the economic system. In accordance with him, the reforms are being designed to cut back uncertainty, present readability for taxpayers, and defend weak teams.
“A number of the areas which have raised public concern might be addressed. The methods we’re setting up will respect reliable expectations whereas lowering unpredictability,” Tegbe famous.
He defined that the committee was established to make sure broad stakeholder engagement, including that consultations would lengthen to companies, state governments, civil society organisations, {and professional} our bodies. The objective, he mentioned, is to safe collective possession of the reform course of.
Tegbe acknowledged that sure provisions—significantly the Capital Positive factors Tax (CGT)—have generated anxiousness available in the market. He cited latest incidents the place misinterpretation of the CGT reforms briefly unsettled the inventory market till the Finance Minister intervened. “We’ll revisit a few of these provisions. In some instances, the established order might stay whereas consultations proceed,” he mentioned.
Whereas reiterating the federal government’s dedication to start implementation on January 1, he clarified that some sections of the regulation might require additional evaluation to make sure a balanced method.
He emphasised that tax coverage should create a conducive atmosphere for funding, noting that the brand new legal guidelines additionally comprise incentives aimed toward stimulating financial exercise.
Tegbe added that a number of components of the Act—together with the institution of the Nationwide Income Service (NRS) and the restructuring of revenue-generating establishments—would ship long-term advantages. A key precedence, he mentioned, is President Bola Ahmed Tinubu’s dedication to shielding low-income earners from extreme tax burdens by way of expanded exemption bands.
“As we implement, we’ll proceed to refine. It is a delicate, responsive, and accountable authorities. We won’t lose sight of the provisions that profit Nigerians,” he mentioned.
The committee chairman additionally disclosed that issues surrounding incentives akin to pioneer standing and different investment-related provisions can be reviewed to make sure they align with the administration’s financial targets.
Tegbe acknowledged that the tax reform programme is without doubt one of the most vital initiatives of the present administration, and if correctly executed, will improve income technology, curb leakages, and strengthen Nigeria’s financial competitiveness.
