The Presidential Fiscal Policy and Tax Reforms Committee has dismissed reports claiming that the Minister of State for Finance, Taiwo Oyedele, admitted errors in the newly introduced tax laws, describing the reports as misleading and a misrepresentation of his comments.
The claim was debunked in a statement by the committee, posted by its chairman and state minister for finance, Mr Oyedele, on Sunday.
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The Presidential Fiscal Policy and Tax Reforms Committee was constituted on 8 August 2023 by President Bola Ahmed Tinubu.
It was set up to review Nigeria’s fiscal framework and recommend reforms to improve tax administration, boost revenue, and support economic growth.
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Tax error report
Reports about the minister admitting to the errors in the tax laws circulated on Friday. While responding to the claims, the tax reform committee noted that the publications misrepresent the state minister for finance’s statements.
The fiscal policy committee said “the twisted narrative” is capable of distorting public understanding of the new tax reform, urging the public to disregard it.
In January, controversies emerged after the gazetted copies of the tax reform laws were published, with some stakeholders alleging discrepancies between what the National Assembly passed and what was released.
However, the tax officials insisted the documents were duly certified and accurately reflected the approved laws, describing the concerns as misinterpretations of the legislative and gazetting process.
Reports refuted
According to the committee in the statement refuting the tax reform error claims, on Sunday, the “legislative probe” of the tax law was concluded, and the gazetted copies certified by the National Assembly were published in early January 2026, unlike the reports claimed.
“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 statement noted.
Tax law gains
The State Minister for Finance, Mr Oyedele, during a recent fireside chat at the NBA SLP conference in Lagos, highlighted the early positive impact of the new tax laws.
His remarks on the impact of the tax reform include that thousands of newly informal businesses seek CAC registration daily, while the number of individuals registered for tax purposes nationwide increased from barely 10 million before the reform to over 100 million.
The tax reform committee stated that the results stemmed from the positive impacts of the tax reform, which include small companies’ exemption 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.
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“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 stated, clarifying Mr Oyedele’s statement at the NBA SLP conference in Lagos.
The tax reform committee further urged the public to disregard the report, claiming that the minister had admitted errors in the tax reform, and advised them to rely only on official sources and credible media organisations for accurate information regarding the tax reform.
“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 read.
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