Oyedele admits errors in Tax Reform legislation

Minister of State for Finance, Taiwo Oyedele, has admitted there were errors in Nigeria’s newly introduced tax reform law.

However, he assured that steps had been taken to address the identified problems.

Oyedele was speaking at a fireside chat during the 2026 annual conference of the Nigerian Bar Association (NBA) Legal Practice Section. The event, themed “From Policy to Practice: Understanding the New Tax Reforms in Nigeria” focused on clarifying concerns surrounding the changing taxation framework in the country.

Based on information from the Fiscal Reform Committee, he acknowledged that there were inconsistencies in the law-making process due to procedural irregularities.

His statement comes amid controversy over differences in tax laws. On 17 December 2025, Abdussamad Dasuki, a member of the DPR, accused society of the version of the tax law that was different from the version passed by the National Assembly. The claims prompted the lower house to set up a seven-member panel to investigate the matter.

Responding to these concerns, Oyedele admitted that there had been irregularities in the legislative process.

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However, he assured stakeholders that corrective steps had been taken through the draft financial law.

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

The minister also sought to allay concerns regarding the implementation of the reform, stressing that law enforcement will not be arbitrary, explaining that the new tax regime is based on “clear policy objectives, transparency and fairness.”

Oyedele emphasized that understanding the underlying objectives of tax policy is critical, and urged stakeholders to look beyond the text of the law and pursue broader objectives.

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

He added that the reforms were designed to increase consistency, reduce discretion in tax administration, and encourage businesses to formalize their operations.

Reflecting on investor confidence, Oyedele warned against policy uncertainty, saying, “If policy can change overnight, this will send the wrong signal to investors. Consistency is critical.”