FG DEBUNKS REPORTS CLAIMING OYEDELE ADMITTED ERRORS IN TAX LAWS

The Presidential Fiscal Policy and Tax Reforms Committee has dismissed reports alleging that the Minister of State for Finance, Taiwo Oyedele, admitted flaws in Nigeria’s newly introduced tax laws, describing such claims as misleading and inaccurate.

In a statement issued on Saturday, the committee said the reports distorted remarks made by the minister at a recent conference organised by the Nigerian Bar Association in Lagos.

According to the committee, the narrative suggesting that Oyedele called on Nigerians to await the outcome of a legislative probe was false, noting that the legislative review process had already been concluded, with certified copies of the laws published by the National Assembly since January 2026.

The committee warned that such misrepresentations could mislead the public and undermine confidence in ongoing fiscal reforms.

It explained that during the fireside chat, the minister highlighted early gains from the reforms, including a surge in business formalisation and a significant rise in the number of registered taxpayers across the country.

The committee stated that the number of individuals captured in the tax system had grown from about 10 million prior to the reforms to over 100 million, while more informal businesses were now seeking registration with the Corporate Affairs Commission.

It further noted that the reforms introduced several taxpayer-friendly measures, including tax exemptions for small businesses, higher thresholds for low-income earners, and relief on essential services such as food, healthcare, education, transportation and housing.

The statement added that the introduction of a Tax Ombud was designed to safeguard taxpayers’ rights and improve accountability within the system.

While acknowledging that no law is entirely without gaps, the committee said Oyedele only emphasised the need for continuous stakeholder engagement to strengthen the legal framework through periodic amendments.

It urged Nigerians to disregard sensational reports and rely on verified information from official sources and credible media organisations when seeking clarity on government policies.