Taiwo Oyedele Denies Admitting Errors in Nigeria's New Tax Laws
The Minister of State for Finance and Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr. Taiwo Oyedele, has firmly dismissed recent reports that he has finally admitted errors in the new tax laws. According to a statement released by the committee, these publications have misrepresented the minister's statements, creating a false narrative that could distort public understanding and mislead Nigerians.
Committee Clarifies Misleading Reports
The committee emphasized that the reports falsely alleged Mr. Oyedele urged Nigerians to await the outcome of a legislative probe, a process that has long been concluded. In reality, the gazetted copies of the tax laws were certified by the National Assembly and published since early January 2026. The committee stated that this twisted narrative is unhelpful as it risks misleading the very people the reforms were designed to benefit, undermining trust in the government's fiscal policies.
Positive Impact of New Tax Laws Highlighted
During a recent fireside chat at the NBA SLP conference in Lagos, Mr. Oyedele highlighted the early positive impact of the new tax laws. He noted that thousands of informal businesses are now seeking Corporate Affairs Commission (CAC) registration daily, while the number of individuals registered for tax purposes nationwide has increased dramatically from barely 10 million before the reform to over 100 million. These impressive results, according to the committee, stem from the robust design and progressive nature of the new laws, which include:
- Exemption of small companies from tax
- Increased exemption thresholds for low-income earners
- Tax exemptions on basic consumption items like food, education, healthcare, transportation, and rent
- Introduction of the Tax Ombud to protect taxpayer rights
Continuous Improvement Process Emphasized
The minister contrasted the transformative changes in the new laws with the regressive provisions in the old laws. However, he emphasized that no law is perfect. Therefore, ongoing stakeholder engagement is essential to identify and address any errors or gaps for appropriate legislative updates through Finance Bills as part of a continuous improvement process. This approach ensures the tax system remains responsive to Nigeria's evolving economic needs.
Call for Reliance on Official Sources
The committee urged members of the public to disregard sensational headlines and twisted narratives. They advised relying exclusively on official sources and credible media organisations for accurate information regarding the tax reform and other government policies. This call aims to prevent misinformation from derailing the benefits of the reforms, which are designed to foster economic growth and improve revenue collection in Nigeria.
