THE Senate on Wednesday approved the appointment of tax policy expert Taiwo Oyedele as minister of state for finance after completing his screening.
His confirmation followed a session in which he outlined plans to implement fiscal reforms designed to boost government revenue, promote more realistic budgeting and strengthen Nigeria’s overall economic management.
Lawmakers endorsed the nomination after citing confidence in Oyedele’s professional background and policy experience. Before the nomination, he served as chairman of the Presidential Fiscal Policy and Tax Reforms Committee.
Mr Oyedele will take over the position previously held by Doris Uzoka-Anite. During the screening, he described his appointment as an opportunity to contribute to national development, explaining that his career path began in the private sector before he moved into advising government on fiscal policy matters.
He pointed to his time at PricewaterhouseCoopers (PwC) where he served as Africa tax and policy leader, coordinating tax policy work and advisory services across more than 20 countries on the continent.
According to him, involvement in international tax discussions and reform programmes across over 180 countries has provided him with the exposure required to support Nigeria’s economic reform agenda.
Reflecting on his role leading the fiscal policy and tax reforms committee, Oyedele said the team had spent the past two and a half years developing multiple reform initiatives.
He noted that one of the major outcomes of the work was the passage of four key tax reform bills by the National Assembly, which he said would modernise Nigeria’s fiscal architecture and improve revenue mobilisation.
He also explained that the committee introduced measures to unlock revenue from government assets, public enterprises and investments, while also focusing on improving efficiency in public expenditure.
Despite these efforts, Oyedele admitted that Nigerians remain sceptical about how public funds are managed.
He said many citizens question whether tax payments are used responsibly, adding that rebuilding trust in public spending must be a priority for government.
In response to a question from Deputy Senate President Jibrin Barau on the limited revenue coming from the solid minerals sector, Oyedele said Nigeria has historically relied too heavily on taxation and the oil and gas industry.
He referenced the Nigeria Liquefied Natural Gas (NLNG) project, noting that strong legislative backing played a crucial role in restoring investor confidence and enabling the project to expand.
A similar policy framework, he suggested, could help attract investment into the solid minerals sector. He added that the Ministry of Finance would work with the Ministry of Solid Minerals Development to design policies that encourage investors.
Addressing concerns about delays in executing capital projects, Mr Oyedele said government budgets often project spending levels that exceed available revenue.
He pointed out that both federal and state governments currently depend on deficit borrowing to fund nearly half of their annual budgets.
Comparing Nigeria’s fiscal position with that of several other leading African economies, he observed that although the country generates more revenue than many of them, its fiscal deficit remains comparatively higher.
Oyedele described the situation as unsustainable and called for a comprehensive review of government finances. Part of that review, he said, should include determining the size of domestic debts owed to contractors and creating a workable plan to clear the obligations.
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He stressed that stronger fiscal discipline and improved cash management are essential to ensure that government projects receive proper funding and are delivered as planned.
According to him, delayed payments to contractors often drive up the cost of projects and weaken confidence in government contracts.
“When contractors face delays in payment, they build that risk into future bids, which eventually increases the cost of projects for government,” he said.
Oyedele also highlighted the need for fiscal policies that support Nigeria’s industrialisation strategy, noting that some tariff structures currently discourage local production by placing higher duties on raw materials than on finished goods.
Correcting those distortions, he said, would stimulate domestic manufacturing, generate jobs and reduce the country’s reliance on imports.
