The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr. Taiwo Oyedele, has declared his readiness to make personal sacrifices, including risking his life, to ensure the success of Nigeria’s ongoing tax and fiscal reforms.

Oyedele made the statement while addressing concerns and criticisms trailing the Nigeria Tax Administration Act (NTAA), 2025, at the Cowry Quarterly Economic Discourse held at the Capital Club, Lagos. The event was themed, “Nigeria in 2026: Will Politics Trump Economic Reform?”

Speaking against the backdrop of alleged threats he said he had received over the new tax law, Oyedele explained that the reforms were designed to promote fairness, investment, and long-term economic stability rather than impose additional hardship on ordinary Nigerians.

He clarified provisions of the capital gains tax framework under the new law, noting that individuals automatically enjoy exemptions if their total proceeds from asset disposal do not exceed ₦150 million and the gains are not more than ₦10 million within a 12-month period.

“The law clearly states that everyone is entitled to a capital gains tax exemption. If the proceeds are not more than ₦150 million and the gain is not more than ₦10 million in 12 months, the exemption is automatic. No explanation and no conditions attached,” Oyedele said.

He added that pension fund administrators and real estate investment trusts are also exempted from capital gains tax, provided the proceeds are reinvested, stressing that the policy is structured to encourage reinvestment, market growth, and long-term capital formation.

According to him, only high-net-worth individuals who permanently exit investments without reinvesting become liable to capital gains tax under the reform framework.

Oyedele insisted that the reform agenda would not be derailed, despite opposition and what he described as deliberate misinformation by vested interests.

“This reform cannot fail. The question is not if it will fail, but how to make it better. President Bola Tinubu is taking the political risk, while I am taking the other risks, including threats from people looking for my address to harass my family. Nigerian soldiers have died protecting this country; if I cannot die as a soldier, perhaps I should be ready to die as a reformer,” he said.

Addressing allegations of forgery and alteration of the tax law, Oyedele dismissed the claims as part of a conspiracy to undermine the reforms, noting that critics were unable to point out any specific alterations when challenged.

He further stated that the tax reforms were intended to consolidate the gains of other painful but necessary economic policies, including fuel subsidy removal, electricity subsidy reforms, and the floating of the naira.

“The tax reform is coming in the middle of these sacrifices to help transform the outcomes into real improvements in people’s daily lives,” he said.

Also speaking at the event, the Director-General of the Lagos Chamber of Commerce and Industry (LCCI), Dr. Chinyere Almona, acknowledged cautious optimism about 2026 but noted that businesses were still grappling with high operating costs.

She identified power supply and inadequate infrastructure as major constraints, noting that Nigeria’s infrastructure stock stands at about 30 per cent of GDP, far below global benchmarks for emerging and developed economies.

Similarly, the Group Managing Director of Cowry Asset Management Limited, Mr. Johnson Chukwu, observed a disconnect between improvements in macroeconomic indicators and the realities faced by households and businesses.

Chukwu stressed that for reforms to be sustainable, Nigerians must experience tangible improvements in living conditions, particularly through increased household consumption and economic inclusion.