Minister Oyedele Acknowledges Errors in Tax Reform Law

Taiwo Oyedele, the Minister of State for Finance, admitted that Nigeria's new tax reform law contains errors during a discussion at the 2026 annual conference of the Nigerian Bar Association (NBA). He stated that corrective measures are already underway to address the identified issues, which arose due to procedural lapses during the legislative process.

Oyedele urged Nigerians to await the outcome of a legislative probe into alleged discrepancies highlighted on social media. He acknowledged that errors occurred due to a manual process involving multiple stages of review.

The minister emphasized the importance of transparency and reliability in the legislative process, ensuring that every version of the law is publicly available. He noted that the new tax reform aims to encourage formal business practices and reduce discretionary practices in tax administration, contrasting it with previous tax regimes that discouraged business formalization.

Oyedele also highlighted that the reform protects low-income earners and small businesses, ensuring that those earning N1 million annually are not overburdened by taxes.