What Nigerians Must Know as Oyedele Finally Admits Errors in New Tax Laws
- Taiwo Oyedele has admitted that Nigeria’s new tax reform laws contain errors
- The errors were linked to manual processes and multiple review stages during law-making
- Lawmakers had earlier raised concerns over discrepancies in the versions of the laws
Oluwatobi Odeyinka is a business editor at Legit.ng, covering energy, the money market, technology and macroeconomic trends in Nigeria.
Nigeria’s Minister of State for Finance, Taiwo Oyedele, has acknowledged that errors exist in the country’s newly introduced tax reform laws, assuring that steps are being taken to correct them.
The minister made this known during a fireside chat at the 2026 annual conference of the Nigerian Bar Association Section on Legal Practice, themed “From Policy to Practice: Making Sense of Nigeria’s New Tax Reforms”, The Cable reported.
Source: Twitter
Errors linked to legislative process
According to a statement by the Fiscal Reforms Committee, Oyedele admitted that inconsistencies emerged during the drafting and legislative stages due to procedural lapses.
The committee also noted in a social media post that the errors were caused by “manual processes and multiple stages of review” involved in producing the final laws.
Oyedele urged Nigerians to await the outcome of an ongoing legislative probe into the discrepancies, adding that a proposed Finance Bill would address the identified issues.
Oyedele calls for transparency in law-making
The minister stressed the need for a more transparent legislative process, where every version of a law is accessible to the public.
He said improving openness in law-making would help prevent future inconsistencies and strengthen trust in government policies.
Oyedele also explained that enforcement of the new tax laws would not be arbitrary, noting that the reforms are built on transparency, fairness, and clear policy intent.
He also urged stakeholders to focus on understanding the purpose behind tax laws, rather than relying solely on their provisions.
According to him, the reforms are designed to address long-standing issues in Nigeria’s tax system, including disparities between personal and corporate taxation that discourage business formalisation.
Impact on Businesses and Low-Income Earners
The minister said the new framework seeks to protect low-income earners and small businesses from excessive taxation.
He noted that many Nigerians earn less than N70,000 monthly and should not be heavily taxed, while also confirming that minimum tax requirements for loss-making businesses have been removed.
Oyedele described the previous system as one that effectively taxed capital instead of profit.
Reflecting on past policy changes, Oyedele warned that inconsistent tax policies could undermine investor confidence.
He stressed that stability and predictability are essential for attracting and retaining investment in Nigeria.
Background: Lawmakers raise concerns
The development follows earlier concerns over discrepancies between the gazetted tax laws and versions passed by lawmakers.
On December 17, 2025, Abdussamad Dasuki, a member of the House of Representatives, alleged that the circulating versions differed from what the National Assembly approved.
The claim led to political tension and prompted the House to establish a special committee to review and reconcile the differences.
Source: Facebook
Lagos extends deadline for tax return filing
Legit.ng earlier reported that the Lagos State Internal Revenue Service (LIRS) approved a two-week extension for the filing of individual annual personal income tax returns, shifting the deadline from March 31 to April 14, 2026.
The extension, disclosed by LIRS Executive Chairman Ayodele Subair, is aimed at giving taxpayers more time to submit accurate and complete returns, amid growing concerns about compliance and last-minute rush.
Despite the deadline shift, the service warned taxpayers against complacency, stressing that filing annual tax returns should become a routine obligation rather than a last-minute scramble.
Source: Legit.ng
