Taiwo Oyedele has acknowledged that Nigeria’s newly introduced tax reform laws contain errors, assuring that steps are underway to address the identified issues.

Oyedele made the disclosure during a fireside chat at the 2026 annual conference of the Nigerian Bar Association Section on Legal Practice, themed “From Policy to Practice: Making Sense of Nigeria’s New Tax Reforms.”

According to a statement by the Fiscal Reforms Committee, the minister attributed the inconsistencies to procedural lapses, citing manual processes and multiple stages of review involved in drafting and legislating the reforms.

He, however, assured that the discrepancies would be corrected through a proposed Finance Bill, urging Nigerians to await the outcome of the ongoing legislative probe.

“What we need is a more transparent and reliable legislative process where every version of a law is publicly available,” Oyedele said.

He emphasised that enforcement of the new tax regime would not be arbitrary, noting that the reforms are anchored on transparency, fairness, and clear policy intent.

Oyedele also stressed the need to understand the rationale behind tax laws, stating that policy intent should guide implementation rather than mere interpretation of provisions.

Highlighting past challenges, he pointed to inconsistencies in Nigeria’s previous tax system—particularly disparities between personal and corporate taxation—which discouraged business formalisation.

He said the new reforms aim to promote formalisation, ensure policy consistency, and reduce discretionary practices in tax administration.

On equity, Oyedele noted that the framework protects low-income earners and small businesses, adding that individuals earning about ₦1 million annually and many small enterprises should not be overburdened.

“Nearly half of working Nigerians earn less than ₦70,000 monthly. Taxing them aggressively would be unjust,” he said.

He added that the reforms eliminate minimum tax requirements for loss-making businesses, describing the previous approach as effectively taxing capital instead of profit.

The minister also called for improved efficiency in revenue utilisation, noting that Nigeria still lags behind countries like South Africa in tax collection performance.

The development follows concerns over discrepancies between the gazetted version of the tax laws and those passed by the National Assembly. On December 17, 2025, Abdussamad Dasuki raised the issue in the House of Representatives, prompting the formation of a special committee to investigate and reconcile the differences.