“Misleading Reports”: Nigeria's Tax Committee Debunks Claims Taiwo Oyedele Admitted Errors
- The FG has denied reports that Finance Minister Taiwo Oyedele admitted errors in Nigeria’s new tax laws, describing the claims as misleading
- It clarified that his comments were misrepresented, noting that the legislative review process had already been completed and the laws officially gazetted
- The committee added that the reforms are already yielding results, while emphasising that continuous stakeholder engagement will help refine the laws
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Legit.ng journalist Victor Enengedi has over a decade's experience covering energy, MSMEs, technology, banking and the economy.
The Presidential Fiscal Policy and Tax Reforms Committee has dismissed reports suggesting that the Minister of State for Finance, Taiwo Oyedele, admitted flaws in Nigeria’s newly introduced tax laws.
In a statement shared on the minister’s X page on Sunday, April 12, 2026, the committee described the reports as misleading and a distortion of his actual remarks.
Source: Facebook
According to the committee, some media outlets falsely claimed that Oyedele acknowledged errors and advised Nigerians to await the outcome of a legislative probe.
It clarified that such claims are inaccurate, noting that the legislative review process had already concluded and that the gazetted versions of the laws had been published by the National Assembly as far back as January 2026.
The post partly read:
“These publications misrepresent the Minister’s statements, falsely alleging that he urged Nigerians to await the outcome of a ‘legislative probe’, a process that has long been concluded and the gazetted copies certified by the National Assembly published since early January 2026.”
Reforms driving increased tax registration
The committee explained that Oyedele, while speaking at a fireside chat during the Nigerian Bar Association Section on Legal Practice conference in Lagos, highlighted early successes recorded from the reforms.
These include a surge in informal businesses registering with the Corporate Affairs Commission and a significant rise in the number of registered taxpayers—from about 10 million to over 100 million nationwide.
Continuous improvement remains key
While addressing stakeholders, the minister highlighted the stark difference between the progressive features of the new tax laws and the outdated elements of the previous framework.
He acknowledged that no legislation is flawless, stressing the importance of continuous engagement to identify and fix gaps.
Recall that KPMG Nigeria had also raised an alarm that the new tax contained several errors, gaps, and inconsistencies that could create confusion for businesses and taxpayers.
The committee noted that any necessary adjustments would be made through future Finance Bills as part of an ongoing improvement process.
It further urged Nigerians to ignore sensationalised reports and rely on verified information from official channels and credible media organisations when seeking updates on tax reforms and other government policies.
Source: UGC
FG lists penalties, fines, jail time for tax offenders
Meanwhile, Legit.ng earlier reported that failure to comply with Nigeria’s new tax law could attract heavy fines and imprisonment terms.
To ensure effective enforcement, the Act introduces clear guidelines and stringent penalties for non-compliance.
Offences cover non-registration, tax evasion, obstruction, and fraud, with fines of up to N10 million and imprisonment for serious offences.
Source: Legit.ng
