The Tax Reform Committee denied reports that Oyedele admitted errors in the Tax Act

The President’s Fiscal Policy and Tax Reform Committee has rejected a report made by the Minister of State for Finance, Taiwo Oyedele, which stated that he admitted there were errors in Nigeria’s new tax law.

In a statement posted on Sunday via X Oyedele’s account, the committee described the report as “misleading” and a misrepresentation of the minister’s comments.

“Our attention has been drawn to misleading media reports claiming that the Honorable Minister of State for Finance, Mr Taiwo Oyedele ‘has finally acknowledged the errors in the new tax law.’

“This publication misrepresents the Minister’s statement, falsely alleging that he urged Nigerians to await the results of a ‘legislative inquiry’, a process that has long been completed and an official copy of which was certified by the National Assembly published as early as January 2026,” the statement said.

The report warns that such narratives can distort public understanding of reform.

The committee said that the minister, while speaking at a fireside event at the Nigerian Bar Association Section on Legal Practice conference in Lagos, highlighted initial progress on tax reforms.

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According to the statement, this includes an increase in the number of informal businesses seeking to register with the Corporate Affairs Commission, as well as an increase in the number of registered taxpayers from around 10 million to more than 100 million nationwide.

This is due to provisions in the new tax law, including exemptions for small companies and low-income people, as well as tax relief on essential goods and services.

“These impressive results stem from the strong design and progressive nature of the new law,” the committee said, citing measures such as exemptions for food, education, healthcare, transportation and rent, as well as the implementation of a Tax Ombud to protect taxpayers’ rights.

The committee noted that Oyedele also acknowledged that no law is perfect and stressed the need for ongoing stakeholder engagement to address any gaps through future amendments.

“He stressed, however, that no law is perfect. Therefore, continued stakeholder engagement is essential to identify and address errors or gaps for appropriate legislative reform through the Finance Bill as part of a continuous improvement process,” the statement said.

It urged the public to ignore what it called sensational reports and rely on official sources for accurate information.

“We urge the public to ignore sensational headlines and twisted narratives and rely only on official sources and credible media organizations for accurate information regarding tax reform and other government policies,” the committee added.

The new tax law, signed in 2025 and implemented in January 2026, seeks to simplify Nigeria’s complex tax system, broaden the revenue base, reduce double taxation, and ease the burden on low-income communities and small businesses.

However, concerns emerged late last year when some lawmakers, including Rep. Abdussamad Dasuki, alleged that there were differences between the draft law harmonized by the National Assembly and the version that had been passed.

Professional bodies such as KPMG have also flagged potential inconsistencies, gaps and omissions in the Act.