The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has faulted media reports suggesting that foreign investors were frustrated over Nigeria’s new Capital Gains Tax (CGT) policy.
Writing on his official X handle on Monday, Oyedele said while public debate is vital to reform, it must be “anchored on facts, not misrepresentation.”
His response followed reports from some online news media which suggested that investors on a recent virtual call organised by Standard Chartered expressed disappointment and unease over Nigeria’s new CGT provisions.
Oyedele explained that contrary to the reports, “about 80% of participants who gave feedback rated the engagement nine or ten out of ten, with an overall average of 8.6.”
He said the meeting, which had 281 participants from more than ten countries, ended on a positive note, with many calling for more time for discussions — not expressions of frustration.
Clarifying Misconceptions on Capital Gains Tax
Oyedele rejected claims that his remarks were “ideological,” saying his call for taxing the wealthy while exempting low-income earners was rooted in progressive taxation, not socialism.
“Exempting the poor while taxing the wealthy fairly is not socialism; it is progressive taxation, a principle embedded in virtually every advanced economy,” he explained.
He also refuted suggestions that CGT reform would make Nigeria less competitive. “Competitiveness is not defined by the absence of CGT,” he said. “The most advanced capital markets — the U.S., U.K., South Africa — all apply capital gains tax and remain attractive to investors.”
On allegation that Nigeria was “tripling CGT for foreign investors,” Oyedele clarified that both local and foreign investors enjoy exemptions when they reinvest profits or fall below certain thresholds. Only excess gains without reinvestment are taxed.
“Misinformation is Not Journalism”
Oyedele criticised the use of anonymous sources and what he described as “unprofessional slurs” in media coverage, noting that responsible journalism requires diligence, fact-checking, and fairness.
He said, “It is troubling when reputable outlets amplify misinformation. Professional journalism demands diligence — independent verification of facts and avoidance of anonymous slurs.”
The tax czar reminded the public that since May 2023, investors in Nigeria’s capital market have earned “average returns of over 100% even in US dollar terms.” He argued that paying CGT on such gains is fair and aligns with global norms.
“Intentional misreporting is not journalism; it is sabotage. Careless reporting is negligence,” he warned.
He reaffirmed his commitment to reforms that promote fairness and strengthen Nigeria’s economy, urging the media to “interrogate, not sensationalise.”
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