By Ejire Folakunmi
The Minister of State for Finance, Taiwo Oyedele, has acknowledged errors in Nigeria’s new tax reform laws, assuring that steps are underway to correct the identified issues.
Oyedele spoke during a fireside chat at the 2026 Annual Conference of the Nigerian Bar Association (NBA) Section on Legal Practice, themed: “From Policy to Practice: Making Sense of Nigeria’s New Tax Reforms,” according to a statement from the fiscal reforms committee.
The concerns followed claims made on Dec. 17, 2025, by a member of the House of Representatives, Abdussamad Dasuki, who alleged that the gazetted tax laws available to Nigerians differ from those passed by the National Assembly.
In response, the House constituted a seven-member panel to investigate the discrepancies, while Oyedele had earlier urged Nigerians to await the outcome of the probe.
In a post on social media, the fiscal reforms committee said the Minister admitted that “errors occurred due to manual processes and multiple stages of review” during the law-making process.
He, however, noted that corrective measures are being implemented through a proposed finance bill.
“What we need is a more transparent and reliable legislative process where every version of a law is publicly available,” Oyedele said.
The Minister also assured that enforcement of the new tax laws will not be arbitrary, stressing that the reforms are anchored on transparency, fairness, and clear policy intent.
He emphasised the need to understand the rationale behind tax laws, noting that policy intent should guide both interpretation and implementation.
Oyedele highlighted inconsistencies in Nigeria’s previous tax regime, particularly disparities between personal and corporate tax burdens, which discouraged business formalisation.
According to him, the new reforms are designed to incentivise formalisation, ensure policy consistency, and reduce discretion in tax administration.
Reflecting on past challenges, he noted that abrupt policy changes, including proposals to increase taxes on gas companies, had discouraged foreign investment.
“If policies can change overnight, it sends the wrong signal to investors. Consistency is critical,” he said.
On inclusivity, Oyedele said the new tax framework protects low-income earners and small businesses, noting their limited capacity to bear tax burdens.
“Nearly half of working Nigerians earn less than N70,000 monthly. Taxing them aggressively would be unjust,” he said.
He added that the reforms eliminate minimum tax on loss-making businesses, describing the previous practice as taxing capital rather than profit.
While acknowledging improvements in public revenue utilisation, the Minister called for greater efficiency, noting that Nigeria still lags behind countries such as South Africa in tax collection.