The Presidential Fiscal Policy and Tax Reforms Committee has vehemently dismissed recent media reports alleging that the Minister of State for Finance, Taiwo Oyedele, admitted errors in Nigeria’s new tax laws. Describing the claims as false, misleading, and unhelpful, the committee emphasized that such publications gravely misrepresent the Minister’s statements and risk distorting public understanding of the reforms.

According to press releases from the committee and a statement shared on Mr. Oyedele’s X account, the misleading reports claimed that the Minister urged Nigerians to await the outcome of a “legislative probe” into the tax laws. The committee clarified that the legislative process for these laws has long been concluded, with gazetted copies certified by the National Assembly and published since early January 2026. Therefore, any suggestion of an ongoing probe or an admission of fundamental errors is factually incorrect.

The clarification followed specific reports from April 11 which suggested that Oyedele acknowledged errors in the tax framework. However, the committee stated that the Minister’s remarks were taken out of context. Taiwo Oyedele, who chairs the committee, spoke during a fireside chat at the 2026 Annual Conference of the Nigerian Bar Association Section on Legal Practice in Lagos. During this event, he highlighted early gains from the reforms rather than admitting faults in the laws.

Minister Oyedele emphasized that “no law is perfect” and that ongoing stakeholder engagement is crucial to identify and address any gaps or areas for improvement. These identified points would then be addressed through appropriate legislative updates via Finance Bills, as part of a continuous improvement process. The committee underscored that changes implemented through Finance Bills are a standard part of updating legislation and should not be misconstrued as an admission of errors in the initially gazetted laws, but rather as an evolving process of refinement.

The reforms themselves have already yielded significant positive outcomes. The committee noted a surge in informal businesses seeking Corporate Affairs Commission (CAC) registration and a sharp increase in tax registrations nationwide. The number of individuals registered for tax purposes has risen dramatically from “barely 10 million before the reform to over 100 million.” Furthermore, the reforms were introduced to address long-standing issues in the tax system, such as disparities where an individual might pay about 19 percent in taxes, while registering the same business as a company pushed the rate above 40 percent under the old system.

Key provisions of the new tax regime include exemptions for small companies, higher thresholds for low-income earners, and tax relief on essential items such as food, education, healthcare, transportation, and rent. The introduction of a Tax Ombud to safeguard taxpayer rights has also been a significant step. These reforms were formally initiated in June 2025 when President Bola Tinubu signed four tax reform laws, followed by the federal government introducing specific tax rules for small businesses in March 2026 to further expand the tax base.

The committee urged members of the public to disregard sensational headlines and twisted narratives, advising them to rely exclusively on official sources and credible media organizations for accurate information regarding the tax reform and other government policies.