The federal government has dismissed reports alleging that Taiwo Oyedele, the minister of state for finance admitted errors in Nigeria’s newly implemented tax laws.
In a statement posted on Sunday via Oyedele’s X handle, the committee described the reports as “misleading” and a misrepresentation of the minister’s comments.
“Our attention has been drawn to misleading media reports claiming that the Honourable Minister of State for Finance, Mr. Taiwo Oyedele has ‘finally admitted errors in the new tax laws.’
“These publications misrepresent the Minister’s statements, falsely alleging that he urged Nigerians to await the outcome of a ‘legislative probe’, a process that has long been concluded and the gazetted copies certified by the National Assembly published since early January 2026,” the statement said.
Among the achievements listed were a sharp rise in informal businesses seeking registration with the Corporate Affairs Commission and an increase in the number of registered taxpayers from about 10 million to over 100 million nationwide.
It attributed the development to incentives introduced under the new tax regime, including exemptions for small businesses and low-income earners, as well as tax relief on essential goods and services.
Other measures highlighted include exemptions on food, education, healthcare, transportation and rent, alongside the creation of a Tax Ombud to protect taxpayers’ rights.
The committee, however, noted that Oyedele also acknowledged that no law is perfect and stressed the importance of continued stakeholder engagement to identify gaps and make future improvements through Finance Bills.
It urged the public to disregard sensational headlines and rely on official sources and credible media organisations for accurate information on the reforms.
The new tax laws, signed in 2025 and implemented in January 2026, are aimed at simplifying Nigeria’s tax system, widening the revenue base, reducing multiple taxation and easing the burden on low-income earners and small businesses.
The reforms had, however, attracted criticism late last year after some lawmakers and professional bodies raised concerns over alleged inconsistencies and omissions in the final versions of the Acts.