Our attention has been drawn to misleading media reports claiming that the Honourable Minister of State for Finance, Mr. Taiwo Oyedele has “finally admitted errors in the new tax laws.” These publications misrepresent the Minister’s statements, falsely alleging that he urged Nigerians to await the outcome of a “legislative probe”, a process that has long been concluded and the gazetted copies certified by the National Assembly published since early January 2026.
This twisted narrative is unhelpful as it risks distorting public understanding and misleading the very people the reforms were designed to benefit.
The Minister, during a recent fireside chat at the NBA SLP conference in Lagos, highlighted the early positive impact of the new tax laws, including thousands of informal businesses now seeking CAC registration daily while the number of individuals registered for tax purposes nationwide has increased from barely 10 million before the reform to over 100 million.
These impressive results stem from the robust design and progressive nature of the new laws, which include:
– Exemption of small companies from tax.
– Increased exemption thresholds for low-income earners.
– Tax exemptions on basic consumption items like food, education, healthcare, transportation, and rent.
– Introduction of the Tax Ombud to protect taxpayer right.
The Minister contrasted the transformative changes in the new laws with the regressive provisions in the old laws. He however emphasised that no law is perfect. Therefore, ongoing stakeholder engagement is essential to identify and address any errors or gaps for appropriate legislative updates through Finance Bills as part of a continuous improvement process.
We urge members of the public to disregard sensational headlines and twisted narratives and rely exclusively on official sources and credible media organisations for accurate information regarding the tax reform and other government policies.
God bless Nigeria!
-π·πππππ ππππππ ππππππ π·πππππ & π»ππ πΉππππππ πͺππππππππ
