FG Vows ‘Humane’ Tax Implementation
…Assures Accounts Are Safe
By Patience Ikpeme
The Federal Government on Friday moved to calm public and investor concerns over the recently signed tax acts, providing clear assurances that the new legislation would be implemented in a manner that is fair, transparent, and possesses a “human face.”
This commitment was made following the inauguration of the National Tax Policy Implementation Committee (NTPIC) by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, in Abuja.
Speaking after the inauguration, Mr. Joseph Tegbe, Chairman of the NTPIC, went to lengths to address fears of government overreach into private finances. He specifically dismissed any suggestion that the government intended to use the new regime to pry into the affairs of citizens.
“Government is not going to encroach into their personal accounts. Nigerians are not under probe or investigation,” Mr. Tegbe stated. He later made the point again, saying, “The government has no business irresponsibly encroaching on personal bank accounts of citizens or its residents in Nigeria. Their fears should be allayed.”
Regarding the immediate future, Mr. Tegbe committed to a predictable rollout, particularly for the business community. He assured local and foreign investors that the implementation set to begin on January 1st would be non-disruptive to the economy. “January 1 we would not implement anything that is going to be destructive to the economy,” he said. “There will be no surprises.” He added that the new structure would respect legitimate expectations, reduce uncertainty, and protect the most vulnerable.
The NTPIC’s mandate is centred on broad consultation and collaboration. Mr. Tegbe described the committee’s establishment as extremely important to ensure wide acceptance. “We want to ensure that all stakeholders are aware and have fair buy-in and ownership of whatever they implement,” he explained. The committee plans to hold extensive meetings with businesses, subnational governments, civil societies, and professional bodies.
Mr. Tegbe openly addressed areas of public contention, noting that the government is responsive and willing to make necessary adjustments. He named the controversial Capital Gains Tax (CGT) as a priority for review, referencing the market instability that required intervention from the Finance Minister to resolve.
“One of those areas is capital gains tax (CGT). We will ensure that we are fully engaged and ensure that whatever resolutions are done actually takes into consideration the concerns that have been expressed,” the Chairman promised.
He added that while the January 1st implementation date is firm, “there might be some provisions that we will need to take a second look at before then.” He further indicated that “in some areas status quo might remain while we consult and ensure.”
The Chairman concluded by outlining the administration’s focus on growth, noting that the Acts are not solely about taxes but also about creating a strong environment for investment through incentives.
He also brought attention to President Bola Ahmed Tinubu’s objective to assist low-income earners. “One of the objectives of Mr. President Bola Ahmed Tinubu is to ensure that Nigerians who are earning lower income are exempted from tax as much as possible,” he pointed out, confirming that the tax band for low incomes has been improved.
If the programme is well executed, he expects that “Nigerians will experience improved revenue mobilization, reduced leakages, and a more stable and competitive economic environment.”
