The Minister of State for Finance, Taiwo Oyedele, has dismissed claims that he admitted flaws in Nigeria’s new tax reform laws, describing such reports as misleading and inaccurate.
Eko Hot News reports that, in a statement issued by the Presidential Fiscal Policy and Tax Reforms Committee, the minister clarified that his remarks at a recent Nigerian Bar Association conference in Lagos were taken out of context.
Oyedele explained that media reports suggesting he called for Nigerians to await the outcome of a legislative probe were incorrect. He noted that the legislative review process had already been completed, with official copies of the laws published since early January 2026.
He stressed that the narratives being circulated could distort public understanding and create unnecessary confusion about the objectives of the tax reforms. According to him, accurate information is essential to ensure citizens fully benefit from the policy changes.
The minister stated that his presentation at the NBA Section on Legal Practice conference focused on highlighting early successes of the reforms. He pointed to a significant increase in business formalisation and tax registration across the country.
Oyedele revealed that thousands of informal businesses are now seeking registration with the Corporate Affairs Commission daily. He added that the number of registered taxpayers has grown from fewer than 10 million before the reforms to over 100 million currently.
The statement also outlined key features of the new tax laws aimed at easing the burden on citizens and businesses. These include exemptions for small companies, higher thresholds for low-income earners, and tax relief on essential services such as food, healthcare, education, transportation, and rent.
In addition, the reforms introduce a Tax Ombud system designed to protect taxpayers’ rights and ensure fair treatment within the tax system. The initiative is expected to improve transparency and build trust between citizens and tax authorities.
While defending the strength of the reforms, Oyedele acknowledged that no legislation is entirely without gaps. He emphasised that continuous stakeholder engagement would help identify areas for improvement and support future updates through Finance Bills.
The minister urged Nigerians to rely on verified and credible sources when seeking information about government policies. He cautioned against sensational headlines and encouraged the public to focus on factual reporting for a clearer understanding of the reforms.
