Nigerian Senate Urges Review of 30% Capital Gains Tax Amid N2 Trillion Market Loss

The Nigerian Senate has called on Finance Minister Wale Edun to urgently review the new 30% Capital Gains Tax (CGT) imposed on share sales above N150 million. The tax hike, part of the Nigerian Tax Act 2025, led to a N2 trillion market loss within a week, causing panic-driven transactions.

Senate Committee Chairman Osita Izunaso highlighted the need for tax reforms to preserve investor confidence and encourage long-term investments. The government aims to implement the tax law changes starting January 2026, with provisions to safeguard existing gains.

Various stakeholders, including the Presidential Fiscal Policy Tax Reform Committee, are working to address the implications of the tax adjustments on the capital market.