The Presidential Fiscal Policy & Tax Reforms Committee has denied media reports suggesting that the Honourable Minister of State for Finance, Mr. Taiwo Oyedele, “finally admitted errors” in Nigeria’s new tax laws.
In a statement issued on Sunday, the committee described the reports as misleading, sensational, and harmful to public understanding of the country’s ongoing fiscal reforms.
The committee said its attention was drawn to several publications falsely alleging that Oyedele urged Nigerians to await the outcome of a “legislative probe” into the new tax laws.
According to the statement, that narrative is entirely false because the legislative process for the tax laws has long been concluded, with 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 stated.
The committee clarified that Oyedele, during a recent fireside chat at the NBA SLP conference in Lagos, was highlighting the early positive impact of the new tax laws—not admitting errors. Key achievements cited include thousands of informal businesses now seeking CAC registration daily, and the number of individuals registered for tax purposes rising from barely 10 million before the reform to over 100 million.
Oyedele also outlined progressive features of the new laws, including exemption of small companies from tax, increased exemption thresholds for low-income earners, tax exemptions on basic consumption items such as food, education, healthcare, transportation, and rent, and the introduction of a Tax Ombud to protect taxpayer rights.
The committee acknowledged that the minister noted that “no law is perfect,” and that ongoing stakeholder engagement is essential to identify any gaps. However, it stressed that such improvements would be addressed through Finance Bills as part of a continuous legislative update process—not because of fundamental errors in the current law.
The committee urged Nigerians to disregard sensational headlines and twisted narratives, advising the public to rely exclusively on official sources and credible media organisations for accurate information regarding tax reforms and other government policies.
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