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 already being taken to correct them.
Newsonspot reports that Oyedele 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 disclosure was also confirmed in a statement by the Fiscal Reforms Committee.
Further clarification shared via social media by the committee revealed that the minister attributed the errors to manual drafting processes and the multiple stages involved in legislative review. He explained that corrective measures are already being incorporated into a proposed Finance Bill.
According to Oyedele, the situation highlights the urgent need for a more transparent and reliable legislative system in Nigeria. He emphasized that every version of a law should be publicly accessible to improve accountability and reduce inconsistencies.
He also reassured stakeholders that the implementation of the new tax laws would not be arbitrary. Instead, the reforms are grounded in transparency, fairness, and clear policy intent. Oyedele urged Nigerians to consider not just the provisions of the laws, but also the reasoning behind them, noting that policy intent should guide both interpretation and enforcement.
The minister pointed out longstanding imbalances in Nigeria’s tax structure, particularly between personal and corporate tax burdens, which he said have discouraged business formalisation over time.
He explained that the ongoing reforms aim to promote formalisation, ensure policy consistency, and reduce excessive administrative discretion in tax enforcement.
On inclusivity, Oyedele noted that the new tax framework is designed to protect low-income earners and small businesses. He highlighted that individuals earning about ₦1 million annually, along with millions of small enterprises, have limited capacity to pay taxes.
“Nearly half of working Nigerians earn less than ₦70,000 monthly. Taxing them aggressively would be unjust,” he stated.
He further disclosed that the reforms have eliminated minimum tax for loss-making businesses, describing the previous system as one that effectively taxed capital rather than profit.
Meanwhile, a member of the House of Representatives, Abdussamad Dasuki, had earlier alleged that the gazetted versions of the tax laws differed from those passed by the National Assembly. In response, the House constituted a seven-member panel to investigate the claims.
