The Presidential Fiscal Policy and Tax Reforms Committee has refuted claims that the Minister of State for Finance, Taiwo Oyedele, admitted to errors in Nigeria’s newly introduced tax laws.
In a statement shared on Sunday via Oyedele’s X handle, the committee described the reports as misleading and a distortion of the minister’s actual remarks. It stated that the publications wrongly suggested that Oyedele acknowledged flaws in the reforms and advised Nigerians to wait for the outcome of a legislative probe.
According to the committee, such claims are inaccurate, noting that the legislative review process had already been concluded, with certified and gazetted copies of the tax laws published by the National Assembly as far back as January 2026.
The committee warned that the spread of such narratives could misinform the public and undermine confidence in ongoing fiscal reforms aimed at strengthening the nation’s economy.
Clarifying the minister’s comments, the statement explained that Oyedele spoke during a fireside chat at the Nigerian Bar Association Section on Legal Practice conference held in Lagos, where he highlighted early positive outcomes from the implementation of the new tax policies.
Among the gains cited were a significant rise in the number of informal businesses registering with the Corporate Affairs Commission and a sharp increase in the country’s taxpayer base, which reportedly grew from about 10 million to over 100 million.
The committee attributed these developments to key provisions in the tax reforms, including exemptions for small businesses and low-income earners, as well as tax relief measures on essential goods and services.
It added that the reforms also introduced initiatives such as exemptions on food, education, healthcare, transportation, and rent, alongside the establishment of a Tax Ombud to safeguard taxpayers’ rights.
Describing the outcomes as encouraging, the committee maintained that the new tax laws were designed to be progressive and inclusive, aimed at boosting compliance while easing the burden on vulnerable segments of the population.
