The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has debunked reports claiming that Nigerian investors are frustrated over the Capital Gains Tax (CGT) contained in the country’s tax law. Oyedele made the clarification in a statement shared on his official X (Twitter) handle on Monday.

According to earlier reports, some investors allegedly expressed dissatisfaction during a virtual session organised by Standard Chartered, citing concerns about the 30% Capital Gains Tax on profits from asset disposals in Nigeria. However, Oyedele described the claims as misleading, explaining that his remarks and reform policies had been misrepresented.

He clarified that the Capital Gains Tax does not discourage investment or threaten Nigeria’s competitiveness. “Competitiveness is not defined by the absence of CGT,” he said. “Countries like the U.S., U.K., and South Africa all apply CGT and still maintain vibrant capital markets. Our goal is not to overburden investors but to ensure fairness and progressivity.”

Oyedele revealed that over 281 participants from more than 10 countries attended the engagement session, with about 80% rating the session between 9 and 10 out of 10. He stressed that the positive feedback clearly contradicts claims of frustration or dissatisfaction. He further explained that his tax approach aims to protect low-income earners while ensuring wealthy individuals and corporations contribute their fair share to national development.

Reaffirming his commitment to tax reforms, Oyedele said the tax reform agenda would not only address issues plaguing Nigeria’s capital market but also attract more investments, particularly from retail investors. “Along with my team, I remain focused on reforms that strengthen Nigeria’s economy and promote fairness,” he added.