Taiwo Oyedele Denounces Misleading Media Reports Alleging Admission of Errors in New Tax Laws

The Presidential Fiscal Policy and Tax Reforms Committee has issued a firm rebuttal to what it describes as misleading and sensational media reports claiming that the Honourable Minister of State for Finance, Mr. Taiwo Oyedele, has finally admitted errors in the new tax laws.

In a statement released on the Minister’s X handle @taiwoyedele today, the committee made it clear that these publications have misrepresented the minister’s recent statements, falsely suggesting that he urged Nigerians to await the outcome of a “legislative probe”.

The committee pointed out that the legislative process for the new tax laws was concluded long ago, with the gazetted copies already certified by the National Assembly and published since early January 2026. The committee described the twisted narrative as unhelpful, warning that it risks distorting public understanding and misleading the very people the reforms were designed to benefit.

It reminded the public that during a recent fireside chat at the Nigerian Bar Association Section on Legal Practice conference in Lagos, the minister had actually highlighted the early positive impact of the new tax laws. Among the encouraging signs mentioned were the thousands of informal businesses now seeking registration with the Corporate Affairs Commission on a daily basis, as well as the sharp rise in the number of individuals registered for tax purposes nationwide.

Before the reforms, the figure stood at barely 10 million; it has now climbed to over 100 million. The committee attributed these impressive results to the robust design and progressive nature of the new laws, which include several key provisions: exemption of small companies from tax, increased exemption thresholds for low-income earners, tax exemptions on basic consumption items such as food, education, healthcare, transportation and rent, and the introduction of a Tax Ombud to protect taxpayer rights.

The minister contrasted these transformative changes with the regressive provisions found in the old laws. However, he was careful to emphasise that no law is perfect. He therefore stressed the importance of ongoing stakeholder engagement to identify and address any gaps or errors, with appropriate legislative updates to be made through future Finance Bills as part of a continuous improvement process.

The committee further urged members of the public to disregard sensational headlines and twisted narratives, and to rely exclusively on official sources and credible media organisations for accurate information regarding the tax reforms and other government policies.

This clarification comes at a time when public interest in the new tax regime remains high as the reforms are widely seen as a critical component of the federal government’s broader economic agenda aimed at simplifying compliance, broadening the tax base, reducing multiple taxation and creating a more predictable and equitable environment for businesses and citizens alike.

Officials have repeatedly emphasised that the ultimate goal of the reforms is to benefit ordinary Nigerians and support sustainable national development. The committee’s statement serves as a reminder of the need for responsible reporting at all times.