Taiwo Oyedele, the newly sworn-in Minister of State for Finance, has pledged to ensure Nigeria’s tax reforms are diligently executed, moving beyond policy formulation. He stated, “Reforms are only as good as the paper on which they are written. What is really important is the diligent execution.”

Oyedele outlined his immediate priorities as revenue mobilization, spending efficiency, debt management, and fiscal sustainability. He emphasized the need to generate sufficient revenue to meet increasing public demands on the treasury at both federal and sub-national levels.

President Bola Tinubu, during the swearing-in ceremony, commended Oyedele for his work in overhauling Nigeria’s tax system. The President described the former tax policy as “obsolete, archaic, and fundamentally against every progressive thinker.” Tinubu acknowledged the challenging task ahead, noting Nigeria's current state of “economic stability but without exponential growth.”

The reforms spearheaded by Oyedele, who previously chaired the Presidential Committee on Fiscal Policy and Tax Reforms, took effect on January 1, 2026. These reforms consolidated more than 60 taxes into fewer than 10 statutes. Key changes include zero income tax for Nigerians earning N800,000 annually or less and exemption from company income tax for small businesses with a turnover below N100 million.

In parallel, the African Development Bank (AfDB) Group has approved a $5.52 million grant to strengthen tax administration and improve domestic revenue mobilization in Nigeria and other West African countries. This initiative, part of the Strengthening Tax Administration Capacity Project in West Africa (STACP-WA), aims to modernize tax administration, enhance governance systems, and improve revenue collection.

The AfDB grant will support tax administrations in six West African countries: Burkina Faso, Guinea, Guinea-Bissau, The Gambia, Liberia, and Sierra Leone. The project also aims to foster regional collaboration among tax authorities through WATAF and ECOWAS.

Oyedele, a 50-year-old tax expert, previously spent 22 years with PricewaterhouseCoopers (PwC) before entering public service. He also serves as a professor at Babcock University and a visiting scholar at the Lagos Business School.