I Did Not Admit Errors in New Tax Laws, Finance Minster Clarifies

The Presidential Fiscal Policy and Tax Reforms Committee has addressed viral reports claiming that the Minister of State for Finance, Taiwo Oyedele, admitted errors in Nigeria’s new tax laws, describing it as “misleading” and a false misrepresentation.

In a Sunday statement posted on Oyedele’s official X handle, the committee described the reports as an unhelpful twisted narrative that risks distorting public understanding and misleading the very people the reforms were designed to benefit.

The statement reads, “Our attention has been drawn to misleading media reports claiming that the Honourable Minister of State for Finance, Mr Taiwo Oyedele, has ‘finally admitted errors in the new tax laws.”

“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.

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

The committee explained that the minister, while speaking at a fireside chat during the Nigerian Bar Association Section on Legal Practice conference in Lagos, highlighted early gains from the tax reforms.

According to the statement, the gains highlighted by the Minister include a significant increase in the number of informal businesses seeking registration with the Corporate Affairs Commission, as well as a rise in the number of registered taxpayers from about 10 million to over 100 million nationwide.

These impressive results stem from the robust design and progressive nature of the new laws, including an exemption of small companies from tax, increased exemption thresholds for low-income earners, tax exemptions on basic consumption items like food, education, healthcare, transportation, and rent, and the introduction of the Tax Ombud to protect taxpayer rights.

The statement added, “The Minister contrasted the transformative changes in the new laws with the regressive provisions in the old laws. He, however, 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.”

The committee advised members of the public to disregard sensational headlines and twisted narratives, urging them to rely exclusively on official sources and credible media organisations for accurate information regarding the tax reform and other government policies.