Newly sworn-in Minister of State for Finance, Taiwo Oyedele, has pledged to ensure that Nigeria’s ongoing tax reforms move beyond policy formulation to effective implementation, stressing that reforms are meaningless without diligent execution.
Oyedele made the commitment on Monday shortly after taking the oath of office administered by President Bola Tinubu at the Presidential Villa in Abuja.
Addressing State House correspondents after the ceremony, which took place at about 2:30 p.m., the minister identified revenue mobilisation, spending efficiency, debt management, and fiscal sustainability as the key priorities that will shape his immediate agenda at the Ministry of Finance.
He emphasised that the success of the government’s fiscal reforms will depend largely on how well policies are translated into practical outcomes.
“Reforms are only as good as the paper on which they are written,” Oyedele said. “What is really important is diligent execution. Our focus now is to move from policy formulation to implementation.”
The minister expressed optimism about the work ahead, noting that the government must strengthen its revenue base in order to meet rising public demands on national resources.
According to him, the government must not only increase revenue generation but also improve how public funds are utilised.
“The priorities are largely around revenue mobilisation so that government can generate enough resources to meet the growing demands on the treasury,” he explained.
“There is also the issue of spending efficiency. For every one naira earned, we must ensure we optimise the value derived from it to address the needs of Nigerians.”
When asked how he intends to avoid disappointing the President and the public, Oyedele promised to commit his best efforts to the role while relying on collaboration within the ministry.
“One thing I can promise Mr President and the Nigerian people is that I will give my very best at every point in time,” he said.
“With the team in the Ministry of Finance and the leadership working together, I believe there is no challenge we cannot overcome.”
The new minister acknowledged that Nigeria currently faces economic challenges but stressed that the country also has significant opportunities that must be strategically harnessed.
He called for proactive policymaking that positions Nigeria to manage economic headwinds while leveraging opportunities both locally and internationally.
During the swearing-in ceremony, President Tinubu praised Oyedele’s work on Nigeria’s tax reform framework, describing the country’s previous tax structure as outdated and incompatible with modern economic thinking.
“You have rewritten the entire tax policy of this country that was obsolete, archaic, and fundamentally against every progressive thinker,” the President said.
Tinubu noted that managing fiscal policy at a time when Nigeria is experiencing economic stability without rapid growth presents a complex challenge.
“It is a very challenging job to manage fiscal policy and responsibility at a time when economic stability exists but without exponential growth,” he said. “But you fit the bill.”
The President also thanked Oyedele’s wife for supporting him throughout years of demanding professional work and warned that the ministerial role would require even greater commitment.
Eyewitnesses at the Presidential Villa observed the new minister and his wife arriving at about 2:09 p.m., where they were cleared by security officials before the ceremony. Oyedele wore a navy blue suit, while his wife appeared in white traditional attire.
The 50-year-old tax expert previously served as chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, where he led a sweeping overhaul of Nigeria’s tax system.
The reform programme consolidated more than 60 different taxes into fewer than 10 statutes, a move aimed at simplifying compliance and improving efficiency within the tax administration system.
The reforms, which took effect on January 1, 2026, introduced several major policy changes, including zero income tax for Nigerians earning N800,000 annually or less and tax exemptions for small businesses with annual turnover below N100 million.
Four key legislative instruments underpin the reforms: the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill.
The National Assembly passed the bills in 2025 after extensive debates on the restructuring of Nigeria’s tax framework.
Oyedele replaces Doris Uzoka-Anite, who has been redeployed as Minister of State at the Ministry of Budget and National Planning.
His appointment was confirmed by the Senate on March 12, 2026, following a screening session that lasted more than two hours.
Senate President Godswill Akpabio announced the confirmation after lawmakers adopted the recommendation of the Committee of the Whole through a voice vote.
The screening followed President Tinubu’s nomination letter dated March 3, 2026, requesting the Senate’s confirmation in line with Section 147(2) of the 1999 Constitution.
Born in Ikaram-Akoko in Ondo State, Oyedele brings more than two decades of experience in fiscal policy and taxation to the role.
Before entering government service, he spent 22 years at PricewaterhouseCoopers, where he rose to become Fiscal Policy Partner and Africa Tax Leader.
He holds a Higher National Diploma in Accountancy and Finance from Yaba College of Technology and a BSc in Applied Accounting from Oxford Brookes University.
Oyedele has also undertaken executive education programmes at leading global institutions, including the London School of Economics, Yale University, the Gordon Institute of Business Science, and the Harvard Kennedy School.
In academia, he currently serves as a professor at Babcock University and as a visiting scholar at the Lagos Business School.
