Oyedele admits errors in new tax laws, assures swift correction

n n

Taiwo Oyedele

n

The Minister of State for Finance, Taiwo Oyedele, has acknowledged that Nigeria’s newly introduced tax reform laws contain errors, assuring that steps are already underway to address the identified issues.

n

Oyedele made this known while speaking at a fireside chat during the 2026 annual conference of the Nigerian Bar Association (NBA) Section on Legal Practice. The event, themed “From Policy to Practice: Making Sense of Nigeria’s New Tax Reforms,” focused on clarifying concerns surrounding the country’s evolving tax framework.

n

His remarks come amid controversy over discrepancies in the tax laws. On December 17, 2025, Abdussamad Dasuki, a member of the House of Representatives, alleged that the versions of the tax laws available to the public differed from those passed by the National Assembly. The claim prompted the lower chamber to set up a seven-member panel to investigate the issue.

n

Addressing the concerns, Oyedele admitted that lapses occurred during the legislative process. According to a statement by the fiscal reforms committee, the minister acknowledged “that errors occurred due to manual processes and multiple stages of review” involved in drafting and finalising the laws.

n

He, however, reassured stakeholders that corrective measures are already in motion through a proposed finance bill.

n

“What we need is a more transparent and reliable legislative process where every version of a law is publicly available,” Oyedele said.

n

The minister also sought to allay fears about the implementation of the reforms, noting that enforcement would not be arbitrary. He explained that the new tax regime is grounded in “clear policy intent, transparency, and fairness.”

n

Oyedele emphasised that understanding the underlying objectives of tax policies is crucial, urging stakeholders to look beyond the text of the laws to their broader purpose.

n

Highlighting past challenges, he pointed to inconsistencies in Nigeria’s tax system, particularly the imbalance between personal and corporate taxation, which he said discouraged business formalisation.

n

He added that the reforms are designed to promote consistency, reduce discretion in tax administration, and encourage businesses to formalise operations.

n

Reflecting on investor confidence, Oyedele warned against policy unpredictability, noting, “If policies can change overnight, it sends the wrong signal to investors. Consistency is critical.”

n n