The Presidential Fiscal Policy and Tax Reforms Committee has dismissed reports alleging that the Minister of State for Finance, Taiwo Oyedele, admitted errors in Nigeria’s new tax laws, describing the claims as false and misleading.
In a press release, the committee said: “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.’”
It stressed that such 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 committee warned that the narrative could mislead the public, stating: “This twisted narrative is unhelpful as it risks distorting public understanding and misleading the very people the reforms were designed to benefit.”
According to the statement, Oyedele, speaking during a fireside chat at the NBA SLP Conference in Lagos, highlighted early gains from the reforms. These include a surge in informal businesses seeking Corporate Affairs Commission registration and a sharp increase in tax registrations nationwide.
The committee noted that the number of individuals registered for tax purposes rose from “barely 10 million before the reform to over 100 million.”
It attributed the outcomes to key provisions in the new tax regime, including exemptions for small companies, higher thresholds for low-income earners, and tax relief on essential items such as food, education, healthcare, transportation, and rent. It also cited the introduction of a Tax Ombud to safeguard taxpayer rights.
While acknowledging room for improvement, the committee clarified the Minister’s position, stating: “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 committee urged Nigerians to ignore misleading reports, 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 regarding the tax reform and other government policies.”
Faridah Abdulkadiri
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