The Federal Government has dismissed reports suggesting that the Minister of State for Finance, Mr. Taiwo Oyedele, admitted to errors in Nigeria’s new tax laws, describing such claims as misleading.
Officials clarified that several media outlets had misrepresented the minister’s remarks, creating a false impression of uncertainty around the reforms.
Contrary to reports that Oyedele urged Nigerians to await a legislative probe, the government stated that the legislative process had been concluded, with the approved tax laws officially published since January 2026.
Speaking on the impact of the reforms, Oyedele noted that the new framework is already yielding measurable progress. He disclosed that more informal businesses are registering with the Corporate Affairs Commission (CAC), while the taxpayer base has expanded significantly—from approximately 10 million to over 100 million.
The minister outlined key provisions of the new tax regime, including exemptions for small businesses, increased tax-free thresholds for low-income earners, and zero-rated taxes on essential goods and services such as food, education, healthcare, transport, and rent.
While emphasising that the new laws represent a marked improvement on previous frameworks, Oyedele acknowledged that no legislation is entirely flawless. He added that the government would continue to engage stakeholders to address any gaps through future amendments.
The public was urged to disregard misleading reports and rely on official sources for accurate information regarding the tax reforms, particularly as they relate to compliance, workforce formalisation, and broader economic participation.
