Taiwo Oyedele Pledges Swift Implementation of Nigeria’s Tax Reforms as Minister of State for Finance

Newly appointed Minister of State for Finance, Mr. Taiwo Oyedele, has vowed to ensure Nigeria’s tax reforms move from paper to practical implementation, emphasizing that “reforms are only as good as the paper on which they are written.” Oyedele made the pledge shortly after being sworn in by President Bola Tinubu at the Presidential Villa, stressing the importance of translating policy into action for measurable impact.

Addressing reporters after the ceremony, Oyedele outlined his immediate priorities, which include revenue mobilisation, spending efficiency, debt management, and fiscal sustainability. “The focus is on generating enough revenue to meet public demands and optimising the value of every Naira earned to benefit citizens,” he said, promising to give his best in collaboration with the Ministry of Finance team.

President Tinubu commended Oyedele for overhauling Nigeria’s tax system, describing the former framework as “obsolete and archaic.” The President acknowledged the challenges ahead, noting that while the country enjoys economic stability, exponential growth remains limited. He lauded Oyedele’s dedication and urged him to maintain a high level of commitment to the demanding ministerial role.

The 50-year-old tax expert previously chaired the Presidential Committee on Fiscal Policy and Tax Reforms, where he consolidated more than 60 taxes into fewer than 10 statutes. The reforms, effective from January 1, 2026, introduced zero income tax for Nigerians earning N800,000 or less annually and exempted small businesses with turnovers below N100 million from company income tax. Four key bills—the Nigeria Tax Bill, Nigeria Tax Administration Bill, Nigeria Revenue Service (Establishment) Bill, and Joint Revenue Board (Establishment) Bill—were passed by the National Assembly in 2025.

Oyedele, who succeeds Dr. Doris Uzoka-Anite, brings over two decades of experience in fiscal policy and tax administration. He previously worked at PricewaterhouseCoopers, serving as Fiscal Policy Partner and Africa Tax Leader, and continues to teach as a professor at Babcock University while also being a visiting scholar at Lagos Business School. His extensive education includes studies at the London School of Economics, Yale University, the Gordon Institute of Business Science, and Harvard Kennedy School, equipping him to steer Nigeria toward effective fiscal reform and sustainable growth.

source: punch