Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, recently addressed concerns about Nigeria’s new tax laws. He stated that his team did not handle the version passed by the House of Representatives. This revelation sparks debates on the bill’s integrity.
Oyedeles Firm Clarification
Oyedele spoke during a monitored interview. He emphasized that the committee drafted the original bills over two and a half years. However their role ended after submission to the National Assembly.
In addition, Oyedele denied calling the gazetted laws fake. He explained that media reports twisted his words about a circulating list of alterations. Instead, he called that specific document fake since the investigative committee had not met.
The Drafting and Passage Process
The committee gathered over 100 experts to create rigorous drafts. They aimed to fix issues like multiple taxation and low-income burdens. President Tinubu then presented the bills to lawmakers.
Furthermore the National Assembly has amended and harmonized the Acts. The final harmonized bill was reviewed by Oyedele for alignment with policies before assent. The Acts will come into effect as of January 1st, 2026.
Alleged Discrepancies Cause Concern
It is rumored that there are discrepancies between the ‘passed’ and gazetted. Oyedele urged patience until the official harmonized copy emerged. He noted no certified clerk copy allows fair comparison yet.
Furthermore, he blamed manual processes for potential errors. Past laws like the Petroleum Industry Act faced similar issues. Oyedele called these system flaws, not deliberate acts.
Impacts on Different Earners
The reforms ease burdens for most Nigerians. Low income workers earning up to N2 million monthly pay less or nothing in taxes. Small businesses and informal sectors like vulcanizers gain exemptions.
On the other hand, only the top 2 percent face marginal increases. Even then, businesses benefit more overall. Oyedele encouraged using the tax calculator at fiscalreforms.ng for checks.
Push for Improved Systems
Oyedele warned against misinformation that stokes fear. He stressed building tamper-proof legislative processes like those for currency. This ensures trust in taxation.
In conclusion, the controversy has identified a number of needs that relate to transparency. As implementation approaches, these concerns should be alleviated by the leaders. Nigeria will benefit from equitable taxation if there is improvement.
