The Minister of State for Finance, Taiwo Oyedele, has refuted reports claiming that he admitted flaws in Nigeria’s newly introduced tax reform laws, describing the publications as misleading and a distortion of his comments.
In a statement issued on Sunday by the Presidential Fiscal Policy and Tax Reforms Committee, Oyedele clarified that remarks he made during a recent Nigerian Bar Association (NBA) conference in Lagos were taken out of context.
According to the statement, reports suggesting that the minister “finally admitted errors in the new tax laws” do not accurately reflect what was said at the event.
The statement explained that some publications wrongly claimed Oyedele urged Nigerians to wait for the outcome of a legislative probe into the tax laws. It stressed that the legislative review process had already been concluded and that the certified gazetted copies approved by the National Assembly had been published since January 2026. �
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Oyedele warned that such narratives could create confusion and weaken public understanding of the reforms.
He said the distorted reports risk misleading Nigerians and undermining the purpose of the policy changes, which were designed to improve the nation’s tax system and support economic growth.
The minister explained that his presentation at the NBA conference focused on the early gains recorded from the reforms, including increased business formalisation and a significant rise in tax registration.
He noted that thousands of informal businesses are now seeking daily registration with the Corporate Affairs Commission (CAC), while the number of registered taxpayers has risen from less than 10 million before the reforms to over 100 million. �
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The statement also highlighted some major features of the new tax laws, including tax exemptions for small businesses, higher income thresholds for low-income earners, and tax relief on essential services such as food, healthcare, education, transportation, and rent.
It further pointed to the introduction of a Tax Ombud aimed at protecting taxpayers’ rights and ensuring fair treatment under the law.
While defending the strength of the reforms, Oyedele acknowledged that no legislation is entirely free from the need for future adjustments.
He stated that continued engagement with stakeholders remains necessary to identify any gaps or areas requiring improvement, adding that such issues can be addressed through subsequent Finance Bills as part of an ongoing legislative review process. �
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He also urged Nigerians to rely on verified and credible sources for information regarding government policies, advising the public to ignore sensational headlines and misleading narratives.
Oyedele Denies Admitting Errors in Tax Laws, Describes Reports as Misleading
