Oyedele Admits Errors in New Tax Laws, Moves to Correct Gaps
Nigeria’s Minister of State for Finance, Taiwo Oyedele, has acknowledged that the country’s newly introduced tax laws contain noticeable errors, assuring that swift steps are being taken to address the issues.
Speaking at a recent policy forum, Oyedele explained that the inconsistencies in the tax framework were largely due to human and technical lapses during the drafting and review stages of the legislation.
He noted that the government is already working on corrective amendments, which will be introduced through an upcoming finance bill to ensure the laws align properly with policy objectives.
The minister also addressed concerns over discrepancies between the versions of the tax laws passed by lawmakers and those currently in circulation, confirming that a legislative review process is ongoing to reconcile the differences.
Oyedele emphasised that the tax reforms are aimed at creating a fair and efficient system, particularly by addressing long-standing imbalances that have affected both individuals and businesses.
He added that the reforms are designed to protect low-income earners and small businesses, stressing that many Nigerians fall below the taxable income threshold and should not be overburdened.
Reassuring stakeholders, Oyedele said the implementation of the new tax regime would be guided by transparency and fairness, noting that policy stability is crucial for maintaining investor confidence and encouraging economic growth.
