The Executive Chairman of the Nigeria Revenue Service, Zacch Adedeji, has stated that the agency is open to resolving concerns over the new Capital Gains Tax regime, even as he described the removal of petrol subsidy as the bedrock of Nigeria’s current economic performance.
Adedeji made the remarks during a meeting with President Bola Tinubu and the leadership of the Nigerian Exchange Group at the State House, where market stakeholders had raised concerns that the steep 30% rate on share disposals was discouraging foreign investors .
While acknowledging the concerns, Adedeji emphasised that the subsidy removal was a critical decision that prevented Nigeria from fiscal collapse. He noted that at an oil price of $120 per barrel, the subsidy would have consumed up to 76% of the N68 trillion 2026 budget, leaving little for capital projects and social services .
“The removal of fuel subsidy is the bedrock, background, and fundamental of the changes we are seeing,” Adedeji said, adding that the reform has helped stabilise the economy, grow external reserves to about $34 billion, and improve revenue performance .
On the Capital Gains Tax, which now taxes share disposal gains at up to 30%, Adedeji expressed openness to reviewing implementation concerns while maintaining that the reform is part of broader efforts to create a fairer and more transparent tax system .