The Presidential Fiscal Policy and Tax Reforms Committee has moved to quash what it calls “misleading media reports” claiming that the Minister of State for Finance, Mr Taiwo Oyedele, has admitted flaws in the recently implemented tax laws.
A statement released today firmly refutes claims that Mr Oyedele urged Nigerians to await the outcome of a “legislative probe,” pointing out that any such process concluded some time ago, with the finalised legislation certified by the National Assembly and published as early as January 2026.
The Committee warns that the distorted narrative is “unhelpful” and risks undermining public understanding of reforms intended to benefit citizens.
During a recent discussion at the NBA SLP conference in Lagos, Mr Oyedele in fact highlighted the positive early impact of the new laws. The Ministry reports a significant increase in formal business registration, with thousands of informal businesses now registering with the Corporate Affairs Commission (CAC) daily.
Furthermore, the number of individuals registered for tax purposes has reportedly risen from just 10 million before the reforms to over 100 million nationwide.
These results, the Committee states, are a direct consequence of the laws’ progressive design, which includes:
Tax exemption for small companies.
Increased tax thresholds for low-income earners.
Tax exemptions on essential goods and services, including food, education, healthcare, transport, and rent.
The establishment of a Tax Ombudsman to safeguard taxpayer rights. (Changed ‘Ombud’ to the more common ‘Ombudsman’ in British English)
While acknowledging that no legislation is without potential for improvement, Mr Oyedele stressed the importance of ongoing dialogue with stakeholders to identify and rectify any shortcomings through future Finance Bills. He contrasted the current laws with their “regressive” predecessors.
The Committee has urged the public to disregard “sensational headlines and twisted narratives” and to seek information solely from official sources and reputable news organisations.
“God bless Nigeria!” the statement concludes.
