The Minister of State for Finance, Taiwo Oyedele, has dismissed reports claiming he admitted flaws in Nigeria’s newly introduced tax reform laws, describing such publications as misleading and taken out of context.
In a statement issued by the Presidential Fiscal Policy and Tax Reforms team, Oyedele clarified that his remarks at a recent conference organised by the Nigerian Bar Association in Lagos were misinterpreted. He stressed that he never suggested Nigerians should wait for the outcome of any legislative probe, noting that the review process had already been completed and officially published.
According to the statement, media reports wrongly portrayed the minister as acknowledging significant errors in the tax laws. Oyedele warned that such narratives could distort public understanding and undermine confidence in reforms designed to improve the country’s fiscal system.
He explained that his presentation at the NBA Section on Legal Practice conference focused on the early successes of the reforms. These include a surge in business formalisation, with thousands of informal enterprises now seeking registration with the Corporate Affairs Commission, as well as a sharp increase in the number of registered taxpayers from about 10 million to over 100 million.
The minister also highlighted key provisions of the new tax laws, such as exemptions for small businesses, higher income thresholds for low earners, and relief measures covering essential services like food, healthcare, education, transportation, and rent. He further noted the introduction of a Tax Ombud to safeguard taxpayers’ rights.
While maintaining that the reforms are strong and impactful, Oyedele acknowledged that no legislation is perfect. He emphasised the importance of continuous stakeholder engagement to identify gaps and implement improvements through future Finance Bills.
He urged Nigerians to rely on verified and credible sources for accurate information on government policies.
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