Newly sworn-in Minister of State for Finance, Mr Taiwo Oyedele, on Monday pledged to ensure Nigeria’s tax reforms move from policy formulation to diligent execution.

He warned that “reforms are only as good as the paper on which they are written.”

Oyedele made the commitment shortly after President Bola Tinubu administered the oath of office to him at the Presidential Villa, Abuja.

He spoke to State House correspondents after the swearing-in ceremony, which took place at approximately 2:30 pm.

Oyedele identified revenue mobilisation, spending efficiency, debt management, and fiscal sustainability as his immediate priorities.

He stated: “Reforms are only as good as the paper on which they are written. What is really important is the diligent execution, and this is part of it: to move from policy formulation to execution.

“So we’re very excited and looking forward to the challenges ahead.”

Oyedele disclosed that his focus would be on generating sufficient revenue to meet increasing public demands on the treasury at both federal and sub-national levels.

He explained: “The priorities are mostly around revenue mobilisation, so you can have enough revenue to meet the increasing demand of the public on the treasury.

“And then there’s also the issue around spending efficiency and priority, because for every one Naira that we earn, how can we optimise the value we get from it to meet the needs of our people?”

When asked how he intends to avoid disappointing the President and Nigerians, Oyedele responded: “One thing I can promise Mr President and the Nigerian people is that I’ll give my very best at every point in time.

“And I’m confident in the Ministry of Finance, with the complement of the team and the leadership working together, I don’t think there’s anything that will be beyond us to surmount.”

The new minister acknowledged that while challenges exist, significant opportunities abound for Nigeria.

He said: “There are challenges, no doubt, but so are the opportunities that abound for our country.”

Oyedele emphasised the need for proactive thinking in positioning Nigeria to manage challenges while optimising opportunities both domestically and globally.

He asked: “How do we position Nigeria to best manage challenges and headwinds while optimising the values and the opportunities that are there both within Nigeria and globally for our country?”

During the swearing-in, President Tinubu described Nigeria’s former tax policy as “obsolete, archaic, and fundamentally against every progressive thinker.” He commended Oyedele for rewriting the entire framework.

The President said: “You have rewritten the entire tax policy of this country that was obsolete, archaic, and fundamentally against every progressive thinker.

“You are just a very dedicated and highly determined individual.”

Tinubu acknowledged that Oyedele faced a challenging task, noting that the country was experiencing “economic stability but without exponential growth.”

He stated: “It is a very challenging job to look at the fiscal policy and responsibility that comes with it, at a time that economic stability is being experienced, but without exponential growth. It is always very difficult, but you fit the bill.”

The President thanked Oyedele’s wife for supporting him through long working hours and warned that the ministerial appointment would demand additional time and commitment.

Our correspondent observed Oyedele and his wife being cleared by Villa security at approximately 2:09 pm. The new minister was dressed in a navy blue suit while his wife wore white traditional attire.

The 50-year-old tax expert previously chaired the Presidential Committee on Fiscal Policy and Tax Reforms. He spearheaded the overhaul of Nigeria’s tax system that consolidated more than 60 taxes into fewer than 10 statutes.

The reforms, which took effect on January 1, 2026, introduced zero income tax for Nigerians earning N800,000 annually or less and exempted small businesses with a turnover below N100m from company income tax.

The four bills—the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill—were passed by the National Assembly in 2025 after extensive debates.

Oyedele replaces Dr Doris Uzoka-Anite, who has been redeployed to the Ministry of Budget and National Planning as Minister of State.

The Senate confirmed Oyedele’s appointment on Wednesday, March 12, through a voice vote following an extensive screening session that lasted over two hours.

Senate President Godswill Akpabio announced the confirmation after members of the Committee of the Whole adopted the recommendation.

The screening followed Tinubu’s March 3, 2026, nomination letter addressed to Akpabio, requesting confirmation in accordance with Section 147(2) of the 1999 Constitution.

Oyedele, 50, hails from Ikaram, Akoko, in Ondo State and brings over two decades of experience in fiscal policy and tax administration.

Before his nomination, he served as Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms.

He spent 22 years at PricewaterhouseCoopers, where he rose to become Fiscal Policy Partner and Africa Tax Leader before heading the tax reform committee.

The minister 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 completed executive education programmes at 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 is a visiting scholar at the Lagos Business School.