…we are ready to implement tax reform – Oyedele
President Bola Tinubu on Monday commended Taiwo Oyedele for accepting to serve the country at a critical time and called on him to do more to implement ongoing fiscal policy reforms.
Speaking at Oyedele’s swearing-in ceremony as the new Finance Minister, the President said: “You have rewritten the entire tax policy of this country which is outdated, outdated and fundamentally contrary to all progressive thinkers. You are just a very dedicated and determined person.”
The president said it didn’t take long for Mr. Oyedele to decide where he fit and “where he needs to be to further help the country,” adding, “It’s a very challenging job to look at fiscal policy and the responsibilities that come with it when the economy is stabilizing but not experiencing exponential growth. It’s always very difficult, but you fit the bill.”
The president, who is scheduled to depart for the UK on Tuesday at the invitation of the British government, also praised Mr Oyedele’s wife for “standing up to our challenges of time management and long absences”.
President Tinubu said the task ahead was more difficult with additional responsibilities and appealed to the minister’s wife for further support.
“I hope you will continue to encourage him and give him your full support. Thank you very much.”
“It is often said that the reward for a good job is more work, and I think it is always an honor to have the opportunity to serve your country, especially at the highest level. But it is even more appealing to be at a critical time for this country. So I do not take trust for granted, so I am grateful to you, Mr. President,” Oyedele acknowledged in his speech after being sworn in.
“I am very grateful to Nigerians in general and especially to our stakeholders who have been very supportive of the work we have done so far. But you know, they say that reforms are only as good as they say on paper. What really matters is diligent implementation and this is part of moving from policy formulation to implementation. So we are very excited and looking forward to the challenge.” First. ”
Interviewer: “The President has spoken passionately about you and talked about your pedigree and your accomplishments. Now that the President knows about you, what would you do to avoid disappointing him and Nigeria?”
Oyedele also assured Nigerians that he would give his best at every point.
“And I have confidence in the Treasury Department. I don’t think there’s anything we can overcome if our complement of teams and leadership work together. There are challenges, no doubt, but our country is also rich with opportunities.”
Speaking about his priorities, he vowed to prioritize government programs, saying, “The Treasury does not work in a vacuum, so this will be our priority. And those issues are primarily about revenue mobilization, so that we can ensure that we have enough revenue to meet the growing demands of our people on the national treasury, not only at the federal level, but also at the local level.”
“There are also questions about efficiency and prioritization of spending, because for every naira we get, how can we optimize the value we get from it to meet the needs of our people? And of course, questions about debt management and fiscal sustainability are also important.”
“Now, how do all of this come together effectively, from monetary policy to trade and other policies, across the region and within the context of the international community? Because we don’t live in isolation and what’s happening with geopolitics and crises. It’s really about how we can proactively think and say, ‘How do we position Nigeria to best meet the challenges and headwinds while optimizing the values and opportunities that exist both within Nigeria and globally?’ ”
Prior to his current appointment, Mr. Oyedele served as Chairman of the Presidential Commission on Tax Reform.
He will replace Doris Uzoka-Anite, who has been reassigned to the Ministry of Budget and National Planning, making him the third portfolio in the current government.
It will be recalled that on Tuesday, March 3, President Bola Tinubu wrote to the Senate President, conveying Mr. Oyedele’s name to the Senate and seeking his confirmation.
Oyedele’s appointment comes months after the National Assembly passed a package of tax reform laws that he led as chairman of the Presidential Committee on Fiscal Policy and Tax Reform.
The 50-year-old economist and public policy expert from Ikalam in Akoko area of Ondo State brings decades of experience in finance, taxation and economic policy to his new role.
Oyedele began his studies at Yaba University of Technology where he obtained a Higher National Diploma (HND) in Accounting and Finance.
He then completed a Bachelor of Science in Applied Accounting at Oxford Brookes University in the UK.
He has also participated in several executive education programs at the world’s leading institutions, including the London School of Economics, Yale University, the Gordon Institute of Business Science, and the Harvard Kennedy School.
Prior to entering public service, Mr. Oyedele spent 22 years at global professional services firm PricewaterhouseCoopers (PwC), joining the firm in 2001 and rising to fiscal policy partner and Africa tax leader.
Beyond his professional career, he is also involved in academia. Oedele is a Professor at Babcock University, Ogun State and a Visiting Fellow at the Lagos Business School.
His appointment is expected to strengthen the administration’s efforts to deepen fiscal reforms and strengthen Nigeria’s economic governance framework.
