The Minister of State for Finance, Mr Taiwo Oyedele, has denied admitting errors in Nigeria’s new tax laws, describing the reports as “misleading” and a false misrepresentation.
In a Sunday statement, attributed to the Presidential Fiscal Policy and Tax Reforms Committee and posted on Mr Oyedele’s official X handle, the reports were described as an unhelpful twisted narrative that risks distorting public understanding and misleading the very people the reforms were designed to benefit.
“Our attention has been drawn to misleading media reports claiming that the 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 [have been] published since early January 2026.
“This twisted narrative is unhelpful as it risks distorting public understanding and misleading the very people the reforms were designed to benefit,” the statement read.
The committee explained that the minister, while speaking at a fireside chat during the Nigerian Bar Association Section on Legal Practice conference in Lagos, highlighted early gains from the tax reforms.
According to the statement, the gains highlighted by the Minister included a significant increase in the number of informal businesses seeking registration with the Corporate Affairs Commission, as well as a rise in the number of registered taxpayers from about 10 million to over 100 million nationwide.
These impressive results stem from the robust design and progressive nature of the new laws, including an exemption of small companies from tax, increased exemption thresholds for low-income earners, tax exemptions on basic consumption items like food, education, healthcare, transportation, and rent, and the introduction of the Tax Ombud to protect taxpayer rights, it stated.
The statement added, “The Minister contrasted the transformative changes in the new laws with the regressive provisions in the old laws. He, however, emphasised that no law is perfect.
“Therefore, ongoing stakeholder engagement is essential to identify and address any errors or gaps for appropriate legislative updates through Finance Bills as part of a continuous improvement process.”