President Bola Tinubu on Monday administered the oath of office to Taiwo Oyedele, the newly appointed Minister of State for Finance, at the Aso Rock Presidential Villa, charging him with the execution of Nigeria’s revamped tax policies.
Oyedele, a 50-year-old tax expert and former chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, pledged to ensure that Nigeria’s tax reforms move from policy formulation to effective implementation, emphasizing that “reforms are only as good as the paper on which they are written.”
Speaking to State House correspondents after the ceremony, Oyedele outlined his immediate priorities, which include revenue mobilisation, spending efficiency, debt management, and fiscal sustainability. “What is really important is diligent execution. We are committed to generating sufficient revenue to meet the increasing public demands on the treasury while optimising spending efficiency,” he said.
President Tinubu commended Oyedele for overhauling the country’s tax framework, which he described as “obsolete, archaic, and fundamentally against every progressive thinker.” He lauded Oyedele as “a very dedicated and highly determined individual” while acknowledging the challenges of the role, noting that Nigeria currently enjoys economic stability, but not exponential growth.
Oyedele’s reforms, which came into effect on January 1, 2026, have consolidated over 60 taxes into fewer than 10 statutes. Key measures include zero income tax for Nigerians earning N800,000 or less annually and exemptions for small businesses with turnovers below N100 million.
The new minister also highlighted the need for proactive fiscal strategies, stating, “How do we position Nigeria to best manage challenges and headwinds while optimising opportunities both within Nigeria and globally?” He expressed confidence that, with his team at the Ministry of Finance, the objectives of the reforms are achievable.
Oyedele replaces Dr Doris Uzoka-Anite, who has been redeployed to the Ministry of Budget and National Planning. The Senate confirmed his nomination last Wednesday after a rigorous screening session.
The President also thanked Oyedele’s wife for supporting him through long working hours and warned that the role would require additional commitment.
