Tax Reform: FG Debunks Reports of Oyedele Admitting Mistakes

The Presidential Fiscal Policy and Tax Reforms Committee has dismissed as false and misleading reports claiming that the Minister of State for Finance, Taiwo Oyedele, admitted errors in the newly introduced tax laws.

In a statement, the committee clarified that media reports suggesting the minister acknowledged faults and advised Nigerians to await the outcome of a legislative probe were inaccurate. It noted that the legislative review process had already been concluded, with gazetted copies of the tax laws certified by the National Assembly and published since early January 2026.

According to the committee, such narratives risk distorting public understanding of the reforms and undermining their intended benefits.

The clarification followed remarks made by Oyedele during a fireside chat at the Nigerian Bar Association Section on Legal Practice (SLP) conference in Lagos, where he highlighted early positive outcomes of the tax reforms.

He disclosed that the number of individuals registered for tax purposes nationwide has surged from fewer than 10 million prior to the reforms to over 100 million, while thousands of informal businesses are now seeking daily registration with the Corporate Affairs Commission.

The committee attributed these gains to the progressive features of the new tax laws, which include exemptions for small companies, increased relief thresholds for low-income earners, and tax waivers on essential items such as food, education, healthcare, transportation, and rent. It also noted the introduction of a Tax Ombud to safeguard taxpayer rights.

While acknowledging that no law is without imperfections, Oyedele emphasized the importance of continuous stakeholder engagement to identify and address gaps through periodic updates via Finance Bills.

The committee urged the public to disregard sensational reports and rely on official channels and credible media for accurate information on government policies.