Newly sworn-in Minister of State for Finance, Taiwo Oyedele, has pledged to ensure the effective implementation of Nigeria’s ongoing tax reforms, stressing that policy changes must move beyond formulation to concrete execution.
Oyedele made the remarks on Monday shortly after taking the oath of office administered by President Bola Ahmed Tinubu at the Presidential Villa in Abuja.
Speaking with State House correspondents after the ceremony, the new minister said his immediate priorities include improving revenue mobilisation, enhancing government spending efficiency, strengthening debt management and promoting fiscal sustainability.
“Reforms are only as good as the paper on which they are written. What is really important is the diligent execution. We must move from policy formulation to implementation,” Oyedele said.
He explained that generating adequate revenue to meet growing public demands on government resources would be a key focus of his work.
“The priorities are mostly around revenue mobilisation so we can have enough resources to meet the increasing demands of citizens on the treasury,” he added.
Oyedele also emphasised the need to ensure value for money in government spending.
“For every one naira that we earn, we must optimise the value we derive from it in order to meet the needs of our people,” he said.
Responding to questions about expectations from the administration and Nigerians, the minister assured that he would give his best in the role.
“One thing I can promise Mr President and Nigerians is that I will give my very best at every point in time,” he stated, expressing confidence in the team at the Federal Ministry of Finance to deliver on the administration’s fiscal goals.
He acknowledged that while the country faces economic challenges, there are also significant opportunities that can be harnessed through effective policy implementation.
“How do we position Nigeria to manage challenges while optimising opportunities both within the country and globally?” he asked.
During the swearing-in ceremony, Tinubu commended Oyedele for his role in reshaping the nation’s tax framework, describing the previous system as outdated and ineffective.
“You have rewritten the entire tax policy of this country that was obsolete and archaic,” the President said, adding that the new minister was well suited for the job despite the demanding nature of the position.
Tinubu noted that the government was currently pursuing economic stability, although the country was yet to experience rapid growth.
Oyedele previously served as chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, which led the overhaul of Nigeria’s tax system.
The reform initiative consolidated more than 60 different taxes into fewer than 10 major statutes and introduced new measures such as zero personal income tax for Nigerians earning ₦800,000 or less annually, as well as tax exemptions for small businesses with annual turnover below ₦100 million.
The reform package was implemented through four key legislations — the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service Establishment Bill and the Joint Revenue Board Establishment Bill — which were passed by the National Assembly of Nigeria in 2025 after extensive deliberations.
Oyedele replaces Doris Uzoka-Anite, who has been redeployed as Minister of State for Budget and National Planning.
His appointment was confirmed by the Senate of Nigeria on March 12 following a screening session presided over by Senate President Godswill Akpabio.
A native of Ikaram in Akoko area of Ondo State, Oyedele brings over two decades of experience in fiscal policy and tax administration.
Before joining government, he spent 22 years at PricewaterhouseCoopers, where he rose to become Fiscal Policy Partner and Africa Tax Leader.
He holds a Higher National Diploma in Accountancy and Finance from Yaba College of Technology and a degree in Applied Accounting from Oxford Brookes University.
Oyedele has also completed executive education programmes at London School of Economics, Yale University, Harvard Kennedy School and the Gordon Institute of Business Science.
He currently serves as a professor at Babcock University and a visiting scholar at Lagos Business School.
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