By Dennis Okechukwu
The Presidential Fiscal Policy and Tax Reforms Committee has debunked reports claiming that the Minister of State for Finance, Taiwo Oyedele, admitted to errors in Nigeria’s newly introduced tax laws.
In a statement issued on Sunday, the committee described the reports as misleading and a distortion of the Minister’s actual comments, warning that such narratives could confuse the public and undermine confidence in ongoing fiscal reforms.
According to the committee, some media outlets falsely alleged that Oyedele urged Nigerians to await the outcome of a “legislative probe” into the tax laws. It clarified that the legislative process had long been concluded, with the National Assembly already certifying and gazetting the laws as far back as January 2026.
The clarification followed remarks made by Oyedele during a fireside chat at the Nigerian Bar Association’s Section on Legal Practice conference in Lagos. At the event, the Minister reportedly highlighted early gains from the tax reforms rather than admitting faults.
The committee said the reforms have already begun yielding measurable results, noting a surge in business formalisation and tax registration. It disclosed that thousands of informal businesses are now seeking registration with the Corporate Affairs Commission daily, while the number of individuals captured in the tax net has risen significantly—from fewer than 10 million prior to the reforms to over 100 million nationwide.
It further outlined key features of the new tax framework, including exemptions for small companies, higher relief thresholds for low-income earners, and tax waivers on essential goods and services such as food, education, healthcare, transportation, and rent. The introduction of a Tax Ombud to safeguard taxpayer rights was also highlighted as a major innovation.
While acknowledging that no legislation is flawless, Oyedele was said to have emphasised the importance of continuous stakeholder engagement to refine the laws. The committee explained that any identified gaps would be addressed through periodic Finance Bills as part of an ongoing review process.
The committee urged Nigerians to ignore sensational headlines and rely on verified information from official channels and credible media organisations when seeking clarity on government policies.
It reaffirmed the government’s commitment to implementing progressive tax reforms aimed at improving compliance, boosting revenue, and supporting economic growth.