Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has formally assumed office, pledging to consolidate ongoing economic reforms and deliver tangible benefits to citizens through growth-driven and fiscally disciplined policies.
The Federal Ministry of Finance has dismissed allegations of hidden spending and diversion of federation revenue, describing recent media reports interpreting the latest Nigeria Development Update by the World Bank as misleading and inaccurate.
Tax Reform Committee Denies Oyedele Admitted Errors
The Presidential Fiscal Policy and Tax Reforms Committee has denied reports that Minister of State for Finance Taiwo Oyedele admitted errors in Nigeria’s new tax laws, describing such claims as misleading.
In a statement shared on Oyedele’s X account, the Committee said media reports had misrepresented his remarks, wrongly framing them as an admission of faults.
“Our attention has been drawn to misleading media reports… falsely alleging that he urged Nigerians to await the outcome of a legislative probe,” the Committee noted.
It clarified that the legislative process had already been concluded, with gazetted copies certified and published since January 2026.
The Committee warned that such misinterpretations risk confusing the public and undermining the intent of the reforms.
Oyedele, who chairs the Committee, had spoken at the 2026 NBA Section on Legal Practice Conference, explaining that the reforms were designed to correct structural inefficiencies.
“Under the old system, an individual could pay about 19% tax, but registering the same business as a company pushed the burden above 40%—the opposite of global best practice,” he said.
He acknowledged that continuous improvements are part of any reform process but stressed this should not be interpreted as admitting errors in the laws themselves.
The Committee highlighted early successes, including a surge in tax registration and business formalisation.
It said the number of individuals captured in the tax net has risen from fewer than 10 million to over 100 million, while thousands of informal businesses are registering daily.
Key features of the reforms include exemptions for small companies, higher thresholds for low-income earners, tax relief on essentials like food, healthcare, education, transport, and rent, as well as the creation of a Tax Ombud to protect taxpayer rights.
The Committee emphasised that legislative updates through finance bills are part of standard continuous improvement, not evidence of fundamental flaws, and reaffirmed that the reforms aim to boost revenue mobilisation and reduce reliance on oil earnings.
President Bola Tinubu on Monday swore in Mr Taiwo Oyedele as Minister of State for Finance, describing his appointment as a strategic move to consolidate ongoing fiscal and tax reforms aimed at strengthening Nigeria’s economic stability.
