President Bola Tinubu has nominated Dr. Taiwo Oyedele as the new Minister of State for Finance, a move seen as part of efforts to strengthen Nigeria’s fiscal reforms and improve revenue generation.
The President sent Oyedele’s name to the Senate on Tuesday for confirmation. The nomination was contained in a letter addressed to the Senate President, Godswill Akpabio. The development was made public in a statement issued by the President’s Special Adviser on Information and Strategy, Bayo Onanuga.
If confirmed by the Senate, Oyedele will replace Dr. Doris Anite-Uzoka, who has been redeployed to the Ministry of Budget and National Planning as Minister of State. Her redeployment marks her third ministerial assignment under the Tinubu administration.
Before his nomination, Oyedele was the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms. The committee was set up by President Tinubu in August 2023 to review Nigeria’s tax system and recommend changes that would make it simpler and more efficient.
Nigeria has long struggled with low revenue generation compared to its population size and economic potential. The country depends heavily on oil revenue, while tax collection has remained weak for many years. Experts have often called for reforms to widen the tax base, reduce multiple taxation, and make it easier for businesses to comply with tax laws.
Under Oyedele’s leadership, the tax reform committee carried out a wide review of the system. The committee delivered four executive bills that reduced over 60 different taxes into fewer than 10 major tax laws. The aim was to simplify the system and remove confusion for businesses and individuals.
The Tax Reform Acts became effective on January 1, 2026. One of the major highlights of the reforms is the introduction of zero income tax for Nigerians earning N800,000 annually or less. This measure is expected to ease the burden on low-income earners.
The reforms also exempt small businesses with annual turnover below N50 million from company income tax, capital gains tax and development levy. This step is aimed at supporting small and medium enterprises, which play a major role in job creation across the country.
Other key provisions include a 50 per cent tax deduction for companies that hire new workers for three years. There is also a 50 per cent deduction for companies that increase wages for their lowest-paid employees. Agricultural enterprises are to enjoy a five-year corporate tax holiday under the new laws.
Dr. Oyedele, 50, hails from Ikaram in Akoko area of Ondo State. He is widely known as an economist, accountant and public policy expert.
He began his academic journey at Yaba College of Technology, where he obtained a Higher National Diploma in Accountancy and Finance. He later earned a Bachelor of Science degree in Applied Accounting from Oxford Brookes University in the United Kingdom.
Oyedele also attended executive education programmes at the London School of Economics, Yale University, the Gordon Institute of Business Science and the Harvard Kennedy School. These institutions are known globally for training leaders in economics, governance and public policy.
He spent 22 years at PricewaterhouseCoopers (PwC), one of the world’s leading professional services firms. Joining the company in 2001, he rose through the ranks to become Fiscal Policy Partner and Africa Tax Leader before leaving to head the Presidential Committee on Fiscal Policy and Tax Reforms.
In addition to his professional work, Oyedele is currently a professor at Babcock University in Ogun State and a visiting scholar at the Lagos Business School. His academic roles have focused on taxation, public finance and economic policy.
If confirmed, Oyedele will work under the Minister of Finance and Coordinating Minister of the Economy, Wale Edun. The Ministry of Finance is responsible for managing Nigeria’s fiscal policy, revenue mobilisation, debt management and economic planning.
The Tinubu administration has repeatedly stated that improving revenue is a key priority. With Nigeria facing rising public debt and growing demands for infrastructure and social services, stronger tax collection is seen as essential.
However, the government has also said that tax reforms should not place additional burdens on low-income earners. The zero tax provision for those earning N800,000 or less annually is part of this balancing effort.
Dr. Doris Anite-Uzoka, who previously served as Minister of State for Finance, has now been redeployed to the Ministry of Budget and National Planning in the same capacity.
Before moving to the Finance Ministry, she served as Minister of State for Industry, Trade and Investment. Her redeployment is seen as part of a broader effort by the President to reposition key ministries.
The Ministry of Budget and National Planning plays a crucial role in preparing the national budget and coordinating development plans. Her experience in trade and finance may be useful in aligning budget priorities with economic reforms.
The Senate is expected to screen and confirm Oyedele’s nomination in the coming weeks. During the screening, senators will review his qualifications, experience and plans for the ministry.
After confirmation, he will be sworn in and formally assume office.
The Senate screening process is an important constitutional step. It allows lawmakers to question nominees and ensure they are fit for public office.
Nigeria’s economy has faced several challenges in recent years, including inflation, exchange rate pressure and unemployment. The government has introduced reforms in the petroleum sector, exchange rate management and taxation as part of efforts to stabilise the economy.
The tax reforms championed by Oyedele are considered one of the most significant fiscal changes in recent history. By reducing the number of taxes and offering incentives for businesses, the government hopes to attract investment and stimulate growth.
As the country adjusts to the new tax laws that took effect in January 2026, all eyes will be on how the Ministry of Finance manages the transition.
With his background in tax policy and public finance, Oyedele is expected to play a central role in shaping Nigeria’s fiscal direction in the coming years.
