The Presidential Fiscal Policy and Tax Reforms Committee has dismissed media reports claiming that the Minister of State for Finance, Taiwo Oyedele, admitted errors in the country’s new tax laws, labeling the narrative as fake and misleading.
In a statement released to Okay News on Sunday, April 12, 2026, the Committee clarified that Oyedele’s recent comments at the NBA SLP conference in Lagos were misrepresented. The reports had falsely suggested the Minister urged Nigerians to wait for a legislative probe, whereas the legislative process for the reforms was actually concluded and gazetted in January 2026.
Far from admitting failure, the Committee highlighted that the reforms have led to a historic surge in tax compliance. The number of registered taxpayers nationwide has reportedly jumped from roughly 10 million before the reforms to over 100 million.
Additionally, thousands of informal businesses are now seeking formal CAC registration daily. The Committee emphasized that the new laws are designed to be progressive, featuring exemptions for small companies and low-income earners, as well as zero tax on basic needs such as food, healthcare, education, rent, and transportation.
The reforms also introduced a Tax Ombud to protect the rights of citizens against administrative overreach. While acknowledging that no law is perfect, the Committee stated that the Minister only emphasized continuous improvement through future Finance Bills based on ongoing stakeholder feedback. Members of the public were urged to rely on official channels and disregard sensationalized headlines aimed at distorting the public perception of the new fiscal policies.
