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Newly sworn-in Minister of State for Finance, Taiwo Oyedele, pledged to ensure Nigeria’s tax reforms move from policy formulation to diligent execution, warning that “reforms are only as good as the paper on which they are written.”
Oyedele made the commitment on Monday shortly after President Bola Tinubu administered the oath of office to him at the Aso Rock Presidential Villa, Abuja.
Speaking to State House correspondents after the ceremony, which took place at approximately 2:30 pm, Oyedele identified revenue mobilisation, spending efficiency, debt management, and fiscal sustainability as his immediate priorities.
“Reforms are only as good as the paper on which they are written.
“What is really important is the diligent execution, and this is part of it: to move from policy formulation to execution.
“So we’re very excited and looking forward to the challenges ahead,” the new minister stated.
He disclosed that his focus would be on generating sufficient revenue to meet increasing public demands on the treasury at both federal and sub-national levels.
Oyedele explained, “The priorities are mostly around revenue mobilisation, so you can have enough revenue to meet the increasing demand of the public on the treasury.
“And then there’s also the issue around spending efficiency and priority, because for every one Naira that we earn, how can we optimise the value we get from it to meet the needs of our people?”
Responding to questions on how he intends to avoid disappointing the President and Nigerians, Oyedele said, “One thing I can promise Mr President and the Nigerian people is that I’ll give my very best at every point in time. And I’m confident in the Ministry of Finance, with the complement of the team and the leadership working together, I don’t think there’s anything that will be beyond us to surmount.”
The new minister acknowledged that while challenges exist, significant opportunities abound for Nigeria.
“There are challenges, no doubt, but so are the opportunities that abound for our country,” he said.
Oyedele emphasised the need for proactive thinking in positioning Nigeria to manage challenges while optimising opportunities both domestically and globally.
“How do we position Nigeria to best manage challenges and headwinds while optimising the values and the opportunities that are there both within Nigeria and globally for our country?” he asked.
During the swearing-in, President Tinubu described Nigeria’s former tax policy as “obsolete, archaic, and fundamentally against every progressive thinker,” commending Oyedele for rewriting the entire framework.
“You have rewritten the entire tax policy of this country that was obsolete, archaic, and fundamentally against every progressive thinker.
“You are just a very dedicated and highly determined individual,” the President said.
Tinubu acknowledged that Oyedele faces a challenging task, noting that the country is currently experiencing “economic stability but without exponential growth.”
“It is a very challenging job to look at the fiscal policy and responsibility that comes with it, at a time that economic stability is being experienced, but without exponential growth. It is always very difficult, but you fit the bill,” the President stated.
The President thanked Oyedele’s wife for supporting him through long working hours and warned that the ministerial appointment would demand additional time and commitment.
The 50-year-old tax expert, who previously chaired the Presidential Committee on Fiscal Policy and Tax Reforms, spearheaded the overhaul of Nigeria’s tax system that consolidated more than 60 taxes into fewer than 10 statutes.
The reforms, which took effect on January 1, 2026, introduced zero income tax for Nigerians earning N800,000 annually or less and exempted small businesses with a turnover below N100m from company income tax.
Oyedele replaces Dr Doris Uzoka-Anite, who has been redeployed to the Ministry of Budget and National Planning as Minister of State.
The Senate had on Wednesday confirmed Oyedele’s nomination following an extensive screening session that lasted over two hours.
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