President Bola Ahmed Tinubu on Monday formally swore in Taiwo Oyedele as the Minister of State for Finance, stating that he had no difficulty deciding where the newly appointed minister would serve in his cabinet.
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The swearing-in ceremony took place at the Presidential Villa, Abuja, a few days after the Senate confirmed Oyedele’s nomination following a screening session at the National Assembly.
Speaking during the ceremony, Tinubu described Oyedele as a dedicated and highly determined professional whose expertise in fiscal policy and tax reforms made him well suited for the position.
“You are just a very dedicated and highly determined individual. It didn’t take much for me to decide where you fit and where you need to be to further help the country,” the President said.
Tinubu noted that managing fiscal policy at a time when the country is experiencing economic stability without significant growth is a challenging task, adding that Oyedele possesses the competence required for the role.
“It is a very challenging job to look at the fiscal policy and responsibility that comes with it at a time when economic stability is being experienced, but without exponential growth. It is always very difficult. But you fit the bill,” he added.
The President also commended Oyedele for his contributions to reforming Nigeria’s tax framework, describing the previous system as outdated and in need of significant restructuring.
Oyedele previously served as Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, where he led efforts that produced four major tax reform bills aimed at overhauling Nigeria’s tax system.
The bills include the Nigeria Tax Bill, Nigeria Tax Administration Bill, Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill. They were passed by the National Assembly in 2025 and later signed into law by President Tinubu on June 26, 2025, taking effect on January 1, 2026.
The reforms consolidated more than 60 taxes into fewer than 10 statutes, introduced zero income tax for Nigerians earning ₦800,000 annually or less, and granted tax exemptions to small businesses with annual turnover below ₦50 million.
Tinubu nominated Oyedele for the ministerial role on March 3, 2026, replacing Doris Uzoka-Anite, who was redeployed as Minister of State for Budget and National Planning.
During his Senate screening, Oyedele said his experience working on global tax and business reforms across over 180 countries had prepared him to contribute to Nigeria’s economic transformation.
“With over two decades of experience working with national governments, multilateral institutions and global corporations, my journey across the private sector, academia and public policy has focused on fiscal governance and economic transformation,” he told lawmakers.
Oyedele, a public policy expert, economist, and accountant, previously worked for PricewaterhouseCoopers (PwC) for over two decades, rising 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 education programmes at institutions including the London School of Economics, Yale University, the Gordon Institute of Business Science, and the Harvard Kennedy School.
He currently serves as a professor at Babcock University and a visiting scholar at the Lagos Business School.
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