The Presidential Fiscal Policy and Tax Reforms Committee has dismissed as false and misleading reports suggesting that the Honourable Minister of State for Finance, Taiwo Oyedele, admitted to errors in Nigeria’s newly introduced tax laws.
In a statement issued to counter what it described as “fake news,” the committee said certain media publications had misrepresented the Minister’s remarks, falsely claiming he acknowledged flaws in the reforms and advised Nigerians to await the outcome of a legislative probe. It clarified that the legislative process on the tax laws had long been concluded, with certified gazetted copies already published by the National Assembly since January 2026.
According to the committee, such distorted narratives risk misleading the public and undermining confidence in reforms designed to improve the nation’s tax system. It stressed that the Minister’s comments were taken out of context and did not reflect any admission of fundamental errors.
The committee explained that Oyedele, while speaking at a recent fireside chat during the Nigerian Bar Association Section on Legal Practice (NBA-SLP) conference in Lagos, actually highlighted the early successes of the reforms. These include a significant rise in the number of informal businesses seeking registration with the Corporate Affairs Commission (CAC), as well as a surge in registered taxpayers nationwide from fewer than 10 million prior to the reforms to over 100 million.
It further noted that the achievements are driven by key provisions in the new tax laws, including exemptions for small companies, higher thresholds for low-income earners, and tax relief 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 law is entirely without room for improvement, the committee stated that Oyedele merely emphasised the importance of continuous stakeholder engagement to identify gaps and refine policies through future Finance Bills.
The committee urged Nigerians to disregard sensational headlines and rely on verified information from official channels and credible media organisations when seeking clarity on government policies.
It reaffirmed the Federal Government’s commitment to building a fair, inclusive, and efficient tax system that supports economic growth and benefits all citizens.