The Chairman of the Presidential Committee on Fiscal Coverage and Tax Reforms, Taiwo Oyedele, has acknowledged that members that gave suggestions after his latest digital name to make clear the contentious new Capital Positive factors Tax (CGT) provisions in Nigeria’s tax reform legislation rated the engagement practically 90%.
Oyedele’s comment is in response to the latest report by Nairametrics, the place it was acknowledged that lots of the international buyers who attended the occasion, had been pissed off by Taiwo Oyedele led committee’s coverage on capital beneficial properties tax.
This was made recognized in an announcement on Oyedele’s official X (previously Twitter) account on Monday, October 17, 2025.
Oyedele stated that 80% of the members who gave suggestions after the occasion scored the engagement a mean of 8.6 out of a attainable 10.
What Taiwo Oyedele is saying
On the difficulty of disappointment and unease among the many international buyers, Oyedele stated, ‘’A complete of 281 members attended the decision from greater than 10 international locations. Opposite to claims of “frustration” and “unease,” about 80% of members who gave suggestions after the occasion rated the engagement 9 or 10 out of 10, with an total common of 8.6. From the feedback, many wished we had extra time – definitely not the anticipated response of pissed off buyers.’’
He responded to being known as having a socialist ideology for pushing for a deal with the highest 3% for the capital beneficial properties tax. Oyedele defined that exempting the poor whereas pretty taxing the rich just isn’t socialism however relatively, progressive taxation.
He stated, ‘’ My assertion was within the context of low-income earners and nano companies. Exempting the poor whereas taxing the rich pretty just isn’t socialism; it’s progressive taxation; a precept embedded in just about each superior financial system.’’
The tax and financial coverage chief rejected the concept his remarks on Capital Positive factors Tax [CGT} will ship troubling alerts about Nigeria’s competitiveness and predictability, insisting that the majority superior capital markets internationally nonetheless stay engaging to buyers even after making use of CGT.
He stated, ‘’Competitiveness just isn’t outlined by the absence of CGT. Essentially the most superior capital markets – the U.S., U.Okay., South Africa, amongst others – apply CGT and stay engaging to buyers whereas many international locations with no CGT lack strong capital markets altogether. Competitiveness is dependent upon total returns and danger components, not on the absence of CGT.’’
On the difficulty of inaccurate argument on tax jurisdictions, Oyedele identified that practically all the international buyers are taxable of their residence international locations. He famous that the place they don’t seem to be, it will solely be honest that the supply nation collects its justifiable share of tax. A easy fact-check would have clarified this.
He added that the prime African capital markets like South Africa, Morocco, Botswana, Nigeria and Egypt – all apply tax on shares.
Additionally, Oyedele described the Businessday report on alleged tripling of CGT for international fairness buyers as deceptive and false. He stated each native and international buyers will profit from exemptions based mostly on thresholds and reinvestment, including that the tax will solely apply the place these thresholds are exceeded with out reinvestment.
What you need to know
Nairametrics had about 5 days in the past reported that the temper amongst worldwide buyers following a latest investor name on the contentious new CGT provisions in Nigeria’s tax reform legislation with Taiwo Oyedele was one among palpable disappointment and unease.
- The decision attracted a number of international buyers in search of readability on how the provisions would have an effect on fairness investments in Nigeria.
- Based on a number of sources who listened in, the session was meant to clarify Nigeria’s new stance on CGT and broader fiscal reforms.
- Nevertheless, it left many members questioning each the financial philosophy and investor sensitivity guiding the reforms.
- It reported that a number of buyers described Oyedele’s tone as “surprisingly ideological,” suggesting that the nation’s prime tax reformer appeared extra “socialist” than market oriented.
Be First to Comment