Oyedele Acknowledges Tax Law Errors, Plans Reforms

Taiwo Oyedele, the Minister of State for Finance, admitted the existence of errors in the recently enacted tax law and disclosed that a corrective finance bill is underway. Speaking at the 2026 annual conference of the Nigerian Bar Association, Oyedele acknowledged discrepancies that emerged during the legislative process, attributing these errors to multiple review stages.

The government plans to realign the law with its original intent, with the rollout of the reform scheduled for January 2026. Oyedele emphasized the need for a balanced growth-oriented tax system to enhance investor confidence and warned that inconsistencies in fiscal policy could negatively impact local and foreign investments.

He noted that nearly half of Nigeria's workforce earns below N70,000 monthly, highlighting the inequity of aggressive taxation on low-income earners. The proposed bill aims to address earlier concerns raised by lawmakers, including Abdulsammad Dasuki, regarding discrepancies in the gazetted version of the tax law.

The reforms include the removal of minimum tax requirements for loss-making businesses and aim to consolidate four principal tax laws.