Newly sworn-in Minister of State for Finance, Taiwo Oyedele, on Monday pledged to ensure that Nigeria’s tax reforms move beyond policy formulation to diligent implementation, stressing that “reforms are only as good as the paper on which they are written.”
Oyedele made the commitment shortly after President Bola Tinubu administered the oath of office at the Aso Rock Presidential Villa, Abuja.
Speaking to State House correspondents after the ceremony, which took place at about 2:30 p.m., Oyedele 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. So we’re very excited and looking forward to the challenges ahead,” he said.
He explained that his focus would be on generating sufficient revenue to meet increasing 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. And then there’s also the issue around spending efficiency and priority, because for every one Naira that we earn, how can we optimise the value we get from it to meet the needs of our people?” he added.
Responding to questions on how he intends to avoid disappointing the President and Nigerians, Oyedele said, “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.”
He acknowledged existing challenges but said significant opportunities also abound for Nigeria. “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.
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During the swearing-in ceremony, President Tinubu commended Oyedele for overhauling Nigeria’s tax framework, describing the former policy as “obsolete, archaic, and fundamentally against every progressive thinker.” He said, “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.”
Tinubu acknowledged the challenging nature of the ministerial role, noting that Nigeria is experiencing economic stability but without exponential growth. He also thanked Oyedele’s wife for her support, while cautioning that the appointment would demand significant time and commitment.
The 50-year-old tax expert previously chaired the Presidential Committee on Fiscal Policy and Tax Reforms, which spearheaded a comprehensive overhaul of Nigeria’s tax system, consolidating more than 60 taxes into fewer than 10 statutes. The reforms, effective January 1, 2026, introduced zero income tax for Nigerians earning N800,000 annually or less and exempted small businesses with turnovers below N100 million from company income tax.
Oyedele replaces Dr Doris Uzoka-Anite, who has been redeployed to the Ministry of Budget and National Planning as Minister of State. His nomination was confirmed by the Senate of Nigeria on Wednesday following a screening session that lasted over two hours.