The Presidential Fiscal Policy and Tax Reforms Committee has officially debunked claims that the Minister of State for Finance, Taiwo Oyedele, admitted to “errors” in the country’s updated tax framework. In a statement released via the Minister’s X handle, the committee labeled recent media reports as a misrepresentation of his actual comments.
The clarification follows headlines suggesting that the Minister had asked Nigerians to wait for the results of a “legislative probe”, a process the committee insists was finalized long ago.
“These 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 statement said.
Early Successes of the Reform
Rather than focusing on flaws, the committee highlighted that Oyedele’s session at the Nigerian Bar Association (NBA) conference actually focused on the positive milestones achieved since the laws took effect in January 2026.
Key achievements mentioned include:
- Massive Taxpayer Growth: A surge from approximately 10 million to over 100 million registered taxpayers.
- Formalization: An increase in informal businesses registering with the Corporate Affairs Commission (CAC).
- Protective Exemptions: Effective relief for low-income earners and small businesses.
The committee credited these wins to the “progressive nature” of the new laws, which specifically exempt necessities like food, education, healthcare, and rent from the tax burden.
On Continuous Improvement
While the Minister maintains the laws are robust, he did acknowledge the reality of legislative evolution. The committee clarified that his comments were about the standard process of refining laws over time, not an admission of current failure.
“He, however, emphasized 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 statement said.
Addressing Discrepancies and Calls for Review
The controversy stems from concerns raised late last year by some lawmakers and professional firms like KPMG, who pointed out potential discrepancies between the bills passed by the National Assembly and the final gazetted versions.
In light of these inconsistencies, Financeblog9ja has previously called for an urgent review of the system, particularly for Nigerians earning ₦500,000 and below. With the rising cost of living, there are growing concerns that the current reliefs provided in the new tax system may not be sufficient for the middle and lower-income brackets.
Despite these critiques, the committee has urged the public to stick to official channels for information, dismissing sensationalist headlines.
“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,” the committee added.
