The Federal Government has pledged that the implementation of newly enacted tax laws will be carried out fairly, transparently, and with full consideration of current economic conditions.
Chairman of the National Tax Policy Implementation Committee (NTPIC), Mr. Joseph Tegbe, gave the assurance on Friday in Abuja shortly after the committee was inaugurated by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
Tegbe dismissed fears that the government planned to pry into citizens’ private bank accounts, stressing that no individual or business was under surveillance. “Government is not going to encroach on anyone’s personal accounts. Nigerians are not under probe,” he said, adding that the administration is committed to rebuilding public confidence.
He assured domestic and foreign investors that the January 1 rollout of the tax reforms would not introduce measures capable of destabilising the economy. Instead, he said the new framework was designed to reduce uncertainty, provide clarity for taxpayers, and protect vulnerable groups.
“Some of the areas that have raised public concern will be addressed. The systems we are putting in place will respect legitimate expectations while reducing unpredictability,” Tegbe added.
The NTPIC chairman said the committee would drive extensive stakeholder consultations involving the private sector, state governments, civil society groups, and professional bodies, noting that broad engagement was key to securing collective buy-in.
Tegbe acknowledged anxiety over certain provisions—particularly the Capital Gains Tax (CGT) reforms—which recently caused unease in the capital market before the minister’s intervention. He said some provisions may be revisited, and in some cases, the status quo maintained pending further consultations.
While the government is committed to the January 1 commencement date, Tegbe clarified that specific sections of the law may undergo additional review to ensure a balanced and investment-friendly approach. He highlighted that the legislation also includes incentives aimed at stimulating growth.
He pointed to major components of the Act, such as the creation of the National Revenue Service (NRS) and restructuring of revenue-generating agencies, as reforms expected to deliver long-term benefits. A key priority, he said, is President Bola Tinubu’s directive to protect low-income earners through expanded tax exemption thresholds.
“As we implement, we will continue to refine. This is a sensitive, responsive, and responsible government. We will not lose sight of the provisions that benefit Nigerians,” Tegbe said.
He added that concerns around investment incentives, including pioneer status, would be reviewed to ensure alignment with broader economic goals.
Tegbe described the tax reform programme as one of the administration’s most significant initiatives, noting that its effective execution will boost revenue, minimise leakages, and enhance Nigeria’s competitiveness.
