FG: Oyedele Never Admitted Errors in Tax Reforms, Highlights Early Gains

The Federal Government has dismissed reports claiming that the Minister of State for Finance, Taiwo Oyedele, admitted errors in the country’s new tax laws, describing such publications as misleading and a distortion of his remarks.

The clarification was issued by the Presidential Fiscal Policy and Tax Reforms Committee, which said the reports falsely suggested that the minister urged Nigerians to await the outcome of a “legislative probe,” a process it noted had long been concluded.

“Our attention has been drawn to misleading media reports claiming that the Honourable Minister of State for Finance ‘finally admitted errors in the new tax laws,’” the committee said, explaining “These publications misrepresent the Minister’s statements and falsely allege 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.”

Describing the narrative as “twisted” and “unhelpful,” the committee warned that such reports risk distorting public understanding of reforms designed to benefit Nigerians. 

“This twisted narrative is unhelpful as it risks distorting public understanding and misleading the very people the reforms were designed to benefit,” it added.

It explained that Oyedele, while speaking at a recent fireside chat, had in fact highlighted early gains from the new tax regime, pointing to a surge in compliance and formalisation across the economy.

According to the committee, “thousands of informal businesses are now seeking CAC registration daily,” while “the number of individuals registered for tax purposes nationwide has increased from barely 10 million before the reform to over 100 million.”

It further noted that the gains were driven by what it described as the “robust design and progressive nature” of the new laws, which provide for exemptions for small companies, higher thresholds for low-income earners, and tax relief on essential items such as food, education, healthcare, transportation and rent.

“The reforms also introduced the Tax Ombud to protect taxpayer rights,” the statement added.

The committee, however, acknowledged that no legislation is entirely without gaps, stressing that ongoing engagement remains key to strengthening the framework. 

“The Minister 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,” it elucidated.

While contrasting the new regime with what it described as “regressive provisions” in the old laws, the committee urged Nigerians to ignore sensational interpretations and rely on verified information.

“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 statement charged.