President Bola Tinubu has sworn in Taiwo Oyedele as Minister of State for Finance during a brief ceremony at the Aso Rock Presidential Villa in Abuja.
The swearing-in took place around 2:30 pm on Monday at the President’s office, according to sources who attended the ceremony.
The appointment comes five days after the Nigerian Senate confirmed Oyedele’s nomination.
The Senate of Nigeria confirmed Oyedele on March 12 following a screening session that lasted more than two hours.
Godswill Akpabio, President of the Senate, announced the confirmation through a voice vote after lawmakers adopted the recommendation of the Committee of the Whole.
Tinubu had earlier sent Oyedele’s nomination to the Senate on March 3, requesting approval in accordance with Section 147(2) of the 1999 Constitution.
Oyedele, 50, is from Ikaram Akoko in Ondo State and brings more than two decades of experience in fiscal policy and tax administration.
Before his appointment, he served as Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, which led major changes to Nigeria’s tax system.
The committee, inaugurated in August 2023, developed sweeping reforms aimed at simplifying the country’s tax structure.
Major Tax Reform Laws Introduced
The committee produced four key reform bills, including:
- Nigeria Tax Bill
- Nigeria Tax Administration Bill
- Nigeria Revenue Service (Establishment) Bill
- Joint Revenue Board (Establishment) Bill
These bills consolidated over 60 different taxes into fewer than 10 tax laws.
The National Assembly of Nigeria passed the legislation in 2025, and President Tinubu signed them into law on June 26, 2025.
The reforms officially took effect on January 1, 2026, marking one of the most significant tax overhauls in Nigeria’s history.
Tax Relief For Low-Income Earners And Small Businesses
Among the major changes introduced by the reforms:
- Nigerians earning ₦800,000 annually or less are exempt from income tax.
- Small businesses with annual turnover below ₦50 million are exempt from company income tax, capital gains tax, and withholding tax.
- Incentives were introduced to encourage employment and wage increases.
The reforms aim to simplify Nigeria’s tax system while supporting economic growth.
Extensive Experience In Private Sector And Academia
Before entering public service, Oyedele spent 22 years at PricewaterhouseCoopers (PwC), 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 BSc in Applied Accounting from Oxford Brookes University.
He has also completed executive programmes at:
- London School of Economics
- Yale University
- Gordon Institute of Business Science
- Harvard Kennedy School
Oyedele currently serves as a professor at Babcock University and a visiting scholar at Lagos Business School, replacing Doris Uzoka-Anite, who has been redeployed as Minister of State for Budget and National Planning.
This marks her third ministerial portfolio under the current administration.
During his Senate screening, Oyedele described his nomination as a call to serve at a critical moment for Nigeria’s economy.
He noted that the country faces significant fiscal challenges but also major opportunities for economic transformation.
