The Presidential Fiscal Policy & Tax Reforms Committee has issued a rebuttal to reports circulating in some media outlets which claimed that the Honourable Minister of State for Finance, Mr Taiwo Oyedele, had "finally admitted errors in the new tax laws."
Oyedele described the headlines as misleading and unhelpful, stressing that they misrepresented the Minister’s statements and wrongly suggested he had called for a legislative probe.
In reality, he added, the legislative process was concluded months ago, with gazetted copies certified by the National Assembly published in January 2026.
Speaking at the NBA SLP conference in Lagos, Oyedele announced the early successes of the reforms.
He stated that thousands of informal businesses are now seeking Corporate Affairs Commission registration daily, while the number of individuals registered for tax purposes has surged from around 10 million before the reforms to more than 100 million nationwide.
The Minister pointed to several progressive features of the new laws, including:
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- Exemption of small companies from tax.
- Higher exemption thresholds for low-income earners.
- Tax relief on essential consumption items such as food, education, healthcare, transport and rent.
- Establishment of a Tax Ombud to safeguard taxpayer rights.
He contrasted these measures with the regressive provisions of the old tax regime, while acknowledging that no law is perfect.
Continuous stakeholder engagement, he said, remains vital to identify and correct any gaps through future Finance Bills.
The Committee urged the public to disregard sensational headlines and rely on official sources and credible media organisations for accurate information on tax reforms and government policy.
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