Newly sworn-in Minister of State for Finance, Mr Taiwo Oyedele, has promised to ensure Nigeria’s tax reforms move from mere policy documents to diligent implementation. He warned that “reforms are only as good as the paper on which they are written,” underlining the need for practical execution to achieve real economic benefits.
Oyedele made the pledge shortly after President Bola Tinubu administered the oath of office at the Presidential Villa on Monday. Speaking to State House correspondents after the ceremony, the minister identified revenue mobilisation, spending efficiency, debt management, and fiscal sustainability as his immediate priorities.
“Reforms are only as good as the paper on which they are written. What is really important is the diligent execution, and this is part of it: to move from policy formulation to execution,” Oyedele said. “So we’re very excited and looking forward to the challenges ahead.”
The new minister disclosed that his main focus will be generating sufficient revenue to meet growing public demands on the treasury at both federal and sub-national levels. “The priorities are mostly around revenue mobilisation, so you can have enough revenue to meet the increasing demand of the public on the treasury,” he explained.
He also highlighted the need for efficiency in public spending. “For every one Naira that we earn, how can we optimise the value we get from it to meet the needs of our people?” Oyedele asked, stressing that fiscal discipline is essential for achieving tangible results.
Answering questions about meeting the expectations of the President and Nigerians, Oyedele assured, “One thing I can promise Mr President and the Nigerian people is that I’ll give my very best at every point in time. And I’m confident in the Ministry of Finance, with the complement of the team and the leadership working together, I don’t think there’s anything that will be beyond us to surmount.”
The minister acknowledged that while challenges exist, Nigeria has significant opportunities to optimise its resources. He noted the importance of proactive thinking in positioning the country to manage challenges while maximising opportunities both domestically and globally.
“How do we position Nigeria to best manage challenges and headwinds while optimising the values and the opportunities that are there both within Nigeria and globally for our country?” he asked.
During the swearing-in ceremony, President Tinubu commended Oyedele for his work in rewriting Nigeria’s tax framework. He described the former tax policy as “obsolete, archaic, and fundamentally against every progressive thinker” and praised Oyedele’s dedication.
“You have rewritten the entire tax policy of this country that was obsolete, archaic, and fundamentally against every progressive thinker. You are just a very dedicated and highly determined individual,” the President said.
Tinubu also acknowledged the challenges facing the new minister, noting that Nigeria is experiencing economic stability but without exponential growth. “It is a very challenging job to look at the fiscal policy and responsibility that comes with it, at a time that economic stability is being experienced, but without exponential growth. It is always very difficult, but you fit the bill,” he stated.
The President also thanked Oyedele’s wife for supporting him through long working hours and reminded the new minister that the role would demand additional time and commitment.
Mr Oyedele, 50, previously chaired the Presidential Committee on Fiscal Policy and Tax Reforms. The committee led a comprehensive overhaul of Nigeria’s tax system, consolidating more than 60 taxes into fewer than 10 statutes. The reforms, which took effect on January 1, 2026, introduced zero income tax for Nigerians earning N800,000 annually or less and exempted small businesses with a turnover below N100 million from company income tax.
He succeeds Dr Doris Uzoka-Anite, who has been redeployed to the Ministry of Budget and National Planning as Minister of State. Oyedele’s appointment was confirmed by the Senate on March 12 through a voice vote after a screening session that lasted over two hours.
In addition to his ministerial duties, Oyedele is a professor at Babcock University and a visiting scholar at the Lagos Business School. His extensive academic and professional background is expected to guide the implementation of Nigeria’s new tax policies effectively.
With the new tax reforms, the government aims to broaden the tax base, encourage compliance, and reduce the burden on low-income earners while improving revenue collection. Oyedele’s leadership is seen as crucial in translating the policy framework into actionable results that can support Nigeria’s economic growth and fiscal sustainability.
As the new Minister of State for Finance, Oyedele inherits the responsibility of ensuring that Nigeria’s fiscal policies are executed efficiently, resources are optimized, and opportunities for growth are maximized both domestically and internationally. His appointment signals the federal government’s commitment to ensuring that tax reforms move from paper into practice, with accountability and effectiveness at the center of its strategy.
