The Presidential Committee on Fiscal Policy and Tax Reform has firmly rejected claims that Finance Minister Taiwo Oyedele acknowledged errors in the recently implemented tax law. The committee, in a statement attributed to its Chairman and Deputy Minister of Finance, Mr. Oyedele, labeled the reports as misleading and a misrepresentation of the minister’s statements.
Established by President Bola Ahmed Tinubu on August 8, 2023, the Presidential Committee on Fiscal Policy and Tax Reform was created to evaluate Nigeria’s fiscal framework and propose changes aimed at improving tax administration, enhancing revenue, and fostering economic growth.
Clarification on Tax Law Reports
On Friday, reports emerged suggesting that the minister had conceded mistakes regarding the new tax law. In response, the Tax Reform Committee emphasized that such narratives inaccurately portrayed the Deputy Minister of Finance’s comments. They urged the public to disregard what they deemed a “twisted narrative” that could undermine public understanding of the new tax reforms.
Following the publication of the tax reform law in January, controversy arose over perceived discrepancies between the legislature’s approved version and the published document. In the face of these concerns, tax authorities maintained that the published document accurately reflected the officially certified law and attributed the confusion to misunderstandings surrounding the legislative and gazette processes.
Dispelling Misinformation
The committee reiterated its position on Sunday, asserting that it had conducted a thorough legislative review of the tax law. Contrary to claims made in the erroneous reports, a certified copy of the gazette issued by the National Assembly was released in early January 2026. The statement criticized misleading media narratives, emphasizing that Finance Minister Taiwo Oyedele had not suggested any ongoing inquiry related to the law.
“We want to draw attention to misleading reports asserting that Finance Minister Taiwo Oyedele has admitted errors in the new tax law,” the statement read. “Such publications misrepresent the minister’s comments and falsely assert that he called for the public to await a legislative inquiry, when in fact, the inquiry process is concluded.”
Positive Impacts of Tax Reform
During a recent fireside chat at the NBA SLP Conference in Lagos, Deputy Minister Oyedele highlighted some of the initial positive effects of the new tax law. He noted an increase in the number of individuals registering for tax purposes, rising from 10 million before the reforms to over 100 million currently. Additionally, he pointed out that thousands of new informal businesses are now seeking registration with the Corporate Affairs Commission (CAC) daily.
The Tax Reform Committee attributed these developments to the beneficial changes introduced by the new tax legislation. Among these are tax exemptions for small and medium-sized enterprises, an elevated tax exemption threshold for low-income earners, and exemptions on basic necessities including food, education, healthcare, transportation, and housing. The introduction of a tax ombudsman to safeguard taxpayer rights was also emphasized as a significant enhancement.
Continuous Improvement and Stakeholder Engagement
Minister Oyedele contrasted the transformative nature of the new law with the regressive aspects of the previous legislation, acknowledging that no law is without its imperfections. To address potential errors and gaps, he underscored the importance of ongoing stakeholder engagement and highlighted the need for legislative updates through initiatives like the Finance Bill as part of a continuous improvement strategy.
In light of the recent misinformation, the Tax Reform Committee reiterated that the minister did not confirm any mistakes in the tax law. They urged the public to rely solely on official sources and credible media for accurate information regarding tax reforms and other government policies. “We call upon citizens to disregard sensationalized headlines and seek information from trusted news outlets and official channels,” the committee concluded.
