Oyedele Denies Admitting Errors in Tax Reform Laws
The Minister of State for Finance, Taiwo Oyedele, has dismissed reports claiming he admitted that there were errors in Nigeria’s new tax reform laws, describing the publications as misleading and a distortion of his remarks.
In a statement issued on Sunday by the Presidential Fiscal Policy and Tax Reforms Committee, Oyedele said comments attributed to him at a recent Nigerian Bar Association (NBA) conference in Lagos were taken out of context.
He said reports suggesting he had “finally admitted errors in the new tax laws” were false and misrepresented his position.
According to him, there was no call for Nigerians to wait for any legislative probe, noting that such a process had already been concluded, while certified copies of the gazetted laws had been published since early January 2026.
He warned that such narratives could mislead the public and undermine the purpose of the reforms, stressing that the claims were unhelpful and distorted public understanding.
Oyedele explained that his presentation at the NBA Section on Legal Practice conference focused on early outcomes of the reforms, including increased business formalisation and higher tax registration.
He said thousands of informal businesses are now registering with the Corporate Affairs Commission (CAC) daily, while registered taxpayers have reportedly risen from about 10 million to over 100 million.
The statement also outlined key aspects of the new tax laws, including exemptions for small companies, higher tax thresholds for low-income earners, and reliefs on essential services such as food, healthcare, education, transport, and rent.
It further noted the introduction of a Tax Ombud to protect taxpayers’ rights.
While maintaining that the reforms remain strong, Oyedele acknowledged that no law is perfect, adding that continuous engagement with stakeholders is needed to address possible gaps through future Finance Bills.
He urged Nigerians to rely on official and credible sources for accurate information, warning against sensational and misleading reports.
Titilope Adako is a talented and intrepid journalist, dedicated to shedding light on the untold stories of Osun State and Nigeria. Through incisive reporting, she tackles a broad spectrum of topics, from politics and social justice to culture and entertainment, with a commitment to accuracy, empathy, and inspiring positive change.
