Finance Minister Taiwo Oyedele Addresses Critical Errors in New Nigerian Tax Laws

By Babatunji Wusu

Nigeria’s journey toward a more robust fiscal framework has hit a temporary snag, as Taiwo Oyedele, the Minister of State for Finance, recently acknowledged that the nation’s newly enacted tax reform laws contain several inaccuracies. Speaking at the 2026 Nigerian Bar Association (NBA) Section on Legal Practice conference, Oyedele explained that these discrepancies were the result of oversight during the rigorous legislative drafting and review stages.

According to the Fiscal Reforms Committee, the slips occurred due to the reliance on manual procedures across various levels of government approval. While the admission may cause some concern, Oyedele assured the public that a legislative probe is currently underway to identify and rectify every error. To provide a permanent fix, the government plans to introduce a new Finance Bill specifically designed to clean up the legal language and ensure the reforms align with their original goals.

A major theme of the conference, titled “From Policy to Practice: Making Sense of Nigeria’s New Tax Reforms,” was the need for legislative transparency. Oyedele advocated for a system where every version of a bill is accessible to the public, preventing confusion and ensuring that investor confidence remains high. He emphasized that for the economy to thrive, policies must be consistent rather than changing without warning.

The Minister also reiterated that the heart of these reforms is fairness. He noted that it is unjust to tax individuals earning N1 million or less annually, especially when a significant portion of the workforce earns below N70,000 monthly. Furthermore, the new rules eliminate the “minimum tax” for companies making a loss, ending the controversial practice of taxing a business’s capital instead of its actual profits. By protecting small businesses and low-income earners, the government hopes to create a more equitable environment for all.

Do you think these corrections will be enough to restore full confidence in Nigeria’s tax system?

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