Taiwo Oyedele Defends Nigeria Tax Act, Responds to KPMG Critique

The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has defended the Nigeria Tax Act (NTA), clarifying its policy intent and responding to criticisms by KPMG Nigeria.

KPMG recently published an analysis highlighting what it described as “errors, inconsistencies, gaps, omissions, and lacunae” in the new tax laws, calling for urgent reviews. Reacting in a statement on Saturday, Oyedele acknowledged that some points, particularly relating to clerical issues and implementation risks, were valid. However, he said the majority of the critique reflected a misunderstanding of the policy, mischaracterisation of deliberate decisions, and presentation of opinion as fact.

Oyedele argued that many of the issues flagged by KPMG were either the firm’s own errors, misinterpretations, or areas where the firm preferred different policy outcomes. He stressed that disagreements with policy direction should not be framed as legislative errors.

Highlighting what KPMG omitted, Oyedele pointed to major reforms embedded in the NTA, including simplification and harmonisation of tax codes, potential reduction of corporate tax from 30% to 25%, expanded input VAT credits, exemptions for low-income earners and small businesses, elimination of minimum tax on turnover and capital, and enhanced incentives for priority sectors.

Oyedele reiterated that the tax reform followed extensive consultations, public hearings, and stakeholder engagement, including opportunities for international firms to contribute technically. He emphasized that clerical or cross-referencing issues are being addressed internally and that effective implementation requires administrative guidance and regulatory clarification.

“The tax reform represents a bold step toward a self-sustaining and competitive Nigeria,” Oyedele said, urging stakeholders to engage constructively rather than focus solely on critique. He called for a dynamic partnership to ensure successful implementation and alignment with the nation’s economic and development goals.