The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has stated that participants that gave feedback after his recent virtual call to clarify the contentious new Capital Gains Tax (CGT) provisions in Nigeria’s tax reform law rated the engagement nearly 90%.
Oyedele’s remark is in response to the recent report by Nairametrics, where it was stated that many of the foreign investors who attended the event, were frustrated by Taiwo Oyedele led committee’s policy on capital gains tax.
This was made known in a statement on Oyedele’s official X (formerly Twitter) account on Monday, October 17, 2025.
Oyedele said that 80% of the participants who gave feedback after the event scored the engagement an average of 8.6 out of a possible 10.
What Taiwo Oyedele is saying
On the issue of disappointment and unease among the foreign investors, Oyedele said, ‘’A total of 281 participants attended the call from more than 10 countries. Contrary to claims of “frustration” and “unease,” about 80% of participants who gave feedback after the event rated the engagement 9 or 10 out of 10, with an overall average of 8.6. From the comments, many wished we had more time – certainly not the expected reaction of frustrated investors.’’
He responded to being referred to as having a socialist ideology for pushing for a focus on the top 3% for the capital gains tax. Oyedele explained that exempting the poor while fairly taxing the wealthy is not socialism but rather, progressive taxation.
He said, ‘’ My statement was in the context of low-income earners and nano businesses. Exempting the poor while taxing the wealthy fairly is not socialism; it is progressive taxation; a principle embedded in virtually every advanced economy.’’
The tax and fiscal policy chief rejected the idea that his remarks on Capital Gains Tax [CGT} will send troubling signals about Nigeria’s competitiveness and predictability, insisting that most advanced capital markets across the world still remain attractive to investors even after applying CGT.
He said, ‘’Competitiveness is not defined by the absence of CGT. The most advanced capital markets – the U.S., U.K., South Africa, among others – apply CGT and remain attractive to investors while many countries with no CGT lack robust capital markets altogether. Competitiveness depends on overall returns and risk factors, not on the absence of CGT.’’
On the issue of inaccurate argument on tax jurisdictions, Oyedele pointed out that nearly all the foreign investors are taxable in their home countries. He noted that where they are not, it will only be fair that the source country collects its fair share of tax. A simple fact-check would have clarified this.
He added that the top African capital markets like South Africa, Morocco, Botswana, Nigeria and Egypt – all apply tax on shares.
Also, Oyedele described the Businessday report on alleged tripling of CGT for foreign equity investors as misleading and false. He said both local and foreign investors will benefit from exemptions based on thresholds and reinvestment, adding that the tax will only apply where those thresholds are exceeded without reinvestment.
What you should know
Nairametrics had about 5 days ago reported that the mood among international investors following a recent investor call on the contentious new CGT provisions in Nigeria’s tax reform law with Taiwo Oyedele was one of palpable disappointment and unease.
- The call attracted several foreign investors seeking clarity on how the provisions would affect equity investments in Nigeria.
- According to multiple sources who listened in, the session was intended to explain Nigeria’s new stance on CGT and broader fiscal reforms.
- However, it left many participants questioning both the economic philosophy and investor sensitivity guiding the reforms.
- It reported that several investors described Oyedele’s tone as “surprisingly ideological,” suggesting that the country’s top tax reformer appeared more “socialist” than market oriented.
Nigeria isn’t doing anything out of step with global norms. I don’t think anyone can credibly call this CGT treatment socialist.
The reforms reflect a mainstream, progressive-but-pro-growth approach that are no different than the approaches across Western Europe and North America.
The real test though will be in execution, ensuring the tax is predictable, exemptions work smoothly, and reinvestment incentives actually encourage capital recycling rather than flight.