FG’s Tax Reforms Aimed at Fairness, Not Frustration says Oyedele

Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has dismissed reports that foreign investors are frustrated with Nigeria’s new capital gains tax. He described the claims as misleading, saying his remarks during a recent engagement with investors were misrepresented by the media.

Oyedele said the new capital gains tax, approved by President Bola Tinubu in June, seeks to boost non-oil revenue by ensuring investors who profit from share sales pay a fair tax on net gains above a set threshold. He clarified that share sales below N150 million and reinvested profits are exempted from the levy.

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He revealed that over 280 participants from 10 countries joined the virtual meeting, with about 80 percent rating the session highly. Oyedele explained that taxing the wealthy fairly while exempting low-income earners was a hallmark of progressive taxation, not socialism as alleged.

The tax reform chief also cautioned against what he called intentional misreporting by some media outlets, warning that misinformation could distort public understanding of government policies. He maintained that the reforms aim to make Nigeria’s tax system simpler, fairer, and more growth-oriented.