President Bola Ahmed Tinubu has officially sworn in Taiwo Oyedele as the new Minister of State for Finance, bringing the fiscal policy expert into Nigeria’s Federal Executive Council. The ceremony took place at the President’s office in Aso Rock Presidential Villa, Abuja.
Eko Hot News reports that the brief swearing-in ceremony was held on Monday afternoon and attended by a few senior government aides and members of the minister’s family. Oyedele and his wife arrived at the presidential villa shortly before the event, marking the start of his official duties in the federal cabinet.
The new minister appeared in a navy-blue suit for the occasion, while his wife wore a traditional white outfit. The event was conducted within the president’s office and concluded shortly after the oath of office was administered.
Oyedele’s appointment comes five days after his nomination was confirmed by the Nigerian Senate following a voice vote during plenary. The confirmation was announced by the Senate President, Godswill Akpabio, after lawmakers completed a screening session.
The Senate’s approval followed a two-hour screening exercise where the nominee addressed questions from legislators regarding his experience and policy perspectives. Lawmakers considered his extensive background in fiscal policy and taxation before approving the nomination.
President Tinubu had earlier submitted Oyedele’s nomination to the Senate in a letter dated March 3, 2026. The submission was made in accordance with Section 147(2) of the 1999 Constitution, which outlines the process for appointing ministers into the federal cabinet.
Oyedele, who hails from Ikaram-Akoko in Ondo State, is widely recognised for his work in public finance and tax administration. The 50-year-old professional brings more than two decades of experience in fiscal policy development and tax reform.
Before his appointment as minister, Oyedele served as Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms. The committee was inaugurated in August 2023 with the mandate to review and simplify Nigeria’s complex tax system.
Under his leadership, the committee developed four key tax reform bills designed to streamline the country’s taxation structure. The reforms reduced over 60 separate taxes into fewer than 10, creating a more simplified and structured tax framework.
The reforms also introduced incentives to support individuals and small businesses. Among the measures were zero income tax for Nigerians earning ₦800,000 or less annually and tax exemptions for small businesses with an annual turnover below ₦50 million.
The four major bills introduced by the committee included the Nigeria Tax Bill, Nigeria Tax Administration Bill, Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill. These legislative proposals were later considered and approved by the National Assembly.
The National Assembly passed the bills in 2025, after which they were signed into law by President Tinubu on June 26 of the same year. The newly reformed tax system officially came into effect on January 1, 2026.
Before joining public service, Oyedele built a distinguished career at PricewaterhouseCoopers (PwC), where he worked for 22 years. During his time with the global consulting firm, he rose to the position of Fiscal Policy Partner and Africa Tax Leader.
His academic background includes a Higher National Diploma in Accountancy and Finance from Yaba College of Technology. He also obtained a Bachelor’s degree in Applied Accounting from Oxford Brookes University in the United Kingdom.
Observers note that Oyedele’s appointment reflects the administration’s focus on strengthening fiscal policy and tax administration in Nigeria. His experience in tax reforms and public finance is expected to contribute to ongoing efforts to improve the country’s revenue system.
