Finance minister did not admit errors in new tax laws — FG

The Presidential Fiscal Policy and Tax Reforms Committee has dismissed reports claiming that the Minister of State for Finance, Taiwo Oyedele, admitted errors in Nigeria’s new tax laws.

In a statement posted on Sunday via Oyedele’s X handle, the committee described the reports as “misleading” and a misrepresentation of the minister’s comments.

“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,” the statement said.

It warned that such narratives could distort public understanding of the reforms.

The committee said 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, these include an 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.

It attributed the outcomes to provisions in the new tax laws, including exemptions for small companies and low-income earners, as well as tax relief on essential goods and services.

“These impressive results stem from the robust design and progressive nature of the new laws,” the committee said, listing measures such as exemptions on food, education, healthcare, transportation and rent, as well as the introduction of a Tax Ombud to protect taxpayers’ rights.

The committee noted that Oyedele also acknowledged that no law is perfect and emphasised the need for continuous stakeholder engagement to address any gaps through future amendments.

“He, however, emphasized 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 statement said.

It urged the public to disregard what it described as sensational reports and rely on official sources for accurate 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 committee added.

The new tax laws, signed in 2025 and implemented in January 2026, sought to simplify Nigeria’s complex tax system, broaden the revenue base, reduce multiple taxation, and ease the burden on low earners and small businesses.

However, concerns emerged late last year when some lawmakers, including Rep. Abdussamad Dasuki, alleged discrepancies between the harmonized bills passed by the National Assembly and the gazetted versions.

Professional bodies like KPMG also flagged potential inconsistencies, gaps, and omissions in the Acts.

Oyedele, who was the  chairman of the Presidential Fiscal Policy and Tax Reforms Committee that oversees the laws, has previously pushed back against similar claims of “fake” documents or suspensions of the reforms, maintaining that implementation is proceeding while refinements continue as needed.(punch)