ABUJA, Nigeria (VOICE OF NAIJA)-The Federal Government has restated its commitment to implementing the new tax laws in a manner that is fair, transparent, and considerate of citizens and investors.
Mr. Joseph Tegbe, Chairman of the National Tax Policy Implementation Committee, offered this reassurance shortly after the committee was inaugurated in Abuja on Friday by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.
Tegbe addressed public concerns, clarifying that fears about possible intrusion into personal bank accounts were misplaced. He emphasized that there would be no encroachment or investigations aimed at ordinary Nigerians.
“Government is not going to encroach into their personal accounts. Nigerians are not under probe or investigation,” he stated, reaffirming that the administration had no interest in “irresponsibly encroaching on personal bank accounts of citizens or residents in Nigeria.”
He explained that the tax reforms were crafted to strengthen economic stability, enhance government revenue, and safeguard vulnerable groups.
Although January 1 remains the official commencement date, he stressed that nothing harmful to the economy would be enforced.
“We want to assure Nigerians, especially those foreign and local investors, that on January 1, we will not implement anything that is going to be destructive to the economy. There will be no surprises. Some of those areas of concern will be addressed.
The systems that we are building will respect legitimate expectations, reduce uncertainty, and protect the most vulnerable,” he said.
Tegbe further highlighted that the committee’s mandate includes broad consultation and collaboration.
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“We want to ensure that all stakeholders are aware and have fair buy-in and ownership of whatever they implement. So we will meet widely, both businesses, subnational governments, civil societies, and also professional bodies,” he added.
He noted that the programme would be one of the administration’s most significant initiatives, with consultation continuing even as implementation begins.
He acknowledged that some provisions, especially relating to capital gains tax, had generated concerns.
“One of those areas is capital gains tax. We will ensure that we are fully engaged and ensure that whatever resolutions are done actually take into consideration the concerns that have been expressed,” he said, mentioning that the issue had caused volatility in the stock market until the Minister of Finance intervened.
Tegbe also indicated that certain aspects of the law might undergo review before the effective date.
“Inasmuch as we are going ahead with January 1, there might be some provisions that we will need to take a second look at before then. Some of the things you will hear in the next few days are that there might be areas where the status quo might be maintained,” he noted.
He clarified that tax reform extends beyond imposing levies it includes incentives designed to attract investment.
“Sometimes taxes are about creating the right environment for investment. So when you create taxes, you also have incentives. Under the Act, it’s not all about taxes and duties; there are incentives.
And that’s what’s most important for us. Those incentives that will encourage investment, both foreign and local investments,” he explained.
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Tegbe also pointed out that the reforms include measures to protect low-income earners.
He added that President Bola Tinubu’s administration intends to maintain exemptions and expanded tax bands for Nigerians earning lower incomes.
“We will not lose that benefit,” he said, stressing that the government would not reverse progress made in providing relief to low earners.
He reiterated that the implementation approach would be measured and compassionate.
“If well executed, and we intend for that to happen, Nigerians will experience improved revenue mobilisation, reduced leakages, and a more stable and competitive economic environment, and we will work with everybody to ensure that partnership with stakeholders happens in implementing these long-term reforms.”
He added that mechanisms were being put in place to address sensitive aspects of the reforms and affirmed that concerns would continually be reviewed as the implementation progresses.
“As you are implementing, you are learning, you are refining,” he said. He added that areas relating to pioneer status would also be evaluated.
“This is a very sensitive government. It’s a responsive government and a responsible government. We would ensure that those areas are addressed,” he noted.
The National Tax Policy Implementation Committee established following President Bola Tinubu’s approval was inaugurated on November 28, 2025.
Chaired by Joseph Tegbe, the committee is responsible for overseeing the coordinated rollout of the new tax laws across the country.