Oyedele denies admitting errors in tax laws, faults ‘misleading’ reports

The Minister of State for Finance, Taiwo Oyedele, has dismissed reports claiming he admitted to errors in Nigeria’s new tax reform laws, describing the publications as “misleading” and a misrepresentation of his remarks.

In a statement by the Presidential Fiscal Policy and Tax Reforms on Sunday, Oyedele clarified that his comments at a recent Nigerian Bar Association (NBA) conference in Lagos had been taken out of context.

“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,’” the statement read.

He said the reports falsely suggested that he asked Nigerians to wait for the outcome of a legislative probe, insisting that such a process had already been concluded.

“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 added.

Oyedele warned that such narratives could mislead the public and undermine the objectives of the reforms.

“This twisted narrative is unhelpful as it risks distorting public understanding and misleading the very people the reforms were designed to benefit,” he said.

According to the minister, his presentation at the NBA Section on Legal Practice conference focused on the early gains of the reforms, including increased business formalisation and tax registration.

He noted that “thousands of informal businesses [are] now seeking CAC registration daily,” while the number of registered taxpayers has risen “from barely 10 million before the reform to over 100 million.”

The statement highlighted key features of the new tax laws, including exemptions for small companies, higher thresholds for low-income earners, and tax relief on essential services such as food, healthcare, education, transportation, and rent.

It also referenced the introduction of a Tax Ombud to protect taxpayers’ rights.

While maintaining that the reforms are robust, Oyedele acknowledged that improvements may still be necessary.

“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,” the statement said.

He urged the public to rely on verified sources for information on government policies, adding, “We urge members of the public to disregard sensational headlines and twisted narratives and rely exclusively on official sources and credible media organisations for accurate information.”