Tinubu Swears In Taiwo Oyedele As Minister Of State For Finance

Abuja, Nigeria– President Bola Ahmed Tinubu on Monday formally swore in Taiwo Oyedele as the new Minister of State for Finance at the Presidential Villa in Abuja.

The swearing-in ceremony was held at the President’s office inside the Aso Rock Presidential Villa at approximately 2:30 p.m.

Oyedele’s inauguration comes five days after his nomination was confirmed by the Nigerian Senate following an extensive screening process.

The Senate had on Wednesday, March 12, confirmed Oyedele’s appointment through a voice vote after lawmakers subjected him to over two hours of questioning during plenary.

Announcing the confirmation, Senate President Godswill Akpabio said the approval followed the adoption of the recommendation of the Committee of the Whole.

President Tinubu had earlier transmitted Oyedele’s nomination to the Senate on March 3 through a formal letter addressed to Akpabio, requesting legislative confirmation in accordance with Section 147(2) of the 1999 Constitution of the Federal Republic of Nigeria.

Oyedele, 50, is from Ikaram in Akoko area of Ondo State and is widely recognised for his work in fiscal policy and tax administration spanning more than two decades.

Before his appointment into the Federal Executive Council, he served as Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, a body established by the Tinubu administration to overhaul Nigeria’s complex tax system.

The committee, inaugurated in August 2023, spearheaded a sweeping reform programme that produced four major executive bills aimed at simplifying and modernising the country’s tax framework.

Among the most notable proposals was the consolidation of more than 60 different taxes into fewer than 10 streamlined statutes.

The reforms also introduced a policy providing zero personal income tax for Nigerians earning N800,000 annually or less, a move designed to reduce the tax burden on low-income earners.

The committee’s recommendations eventually resulted in four key pieces of legislation: the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill.

After months of debate and legislative scrutiny, the National Assembly of Nigeria passed the bills in 2025.

President Tinubu subsequently signed the legislation into law on June 26, 2025, paving the way for the implementation of what has been described as one of the most comprehensive tax reforms in Nigeria’s modern history.

The Tax Reform Acts officially came into effect on January 1, 2026.

The reforms also introduced sweeping incentives aimed at supporting small businesses and encouraging job creation.

Under the new regime, companies with an annual turnover below N50 million are exempted from company income tax, capital gains tax, and withholding tax.

Additional provisions provide incentives for companies that expand employment and increase wages.

Before leading the federal government’s tax reform efforts, Oyedele spent 22 years at PricewaterhouseCoopers where he rose through the ranks to become Fiscal Policy Partner and Africa Tax Leader.

His career in the firm saw him advise governments, multinational corporations and international organisations on fiscal policy and tax administration across Africa.

Oyedele holds a Higher National Diploma in Accountancy and Finance from Yaba College of Technology and a Bachelor of Science degree in Applied Accounting from Oxford Brookes University in the United Kingdom.

He has also attended several executive education programmes at globally recognised institutions including the London School of Economics, Yale University, the Gordon Institute of Business Science, and the Harvard Kennedy School.

In academia, Oyedele currently serves as a professor at Babcock University and is also a visiting scholar at the Lagos Business School.

Oyedele replaces Doris Uzoka-Anite, who has now been redeployed as Minister of State for Budget and National Planning.

The reassignment marks Uzoka-Anite’s third ministerial portfolio since the inception of the Tinubu administration.

During his Senate screening last week, Oyedele described his nomination as an opportunity to contribute to Nigeria’s economic transformation at a time of significant fiscal challenges.

“This nomination is a call to serve at a critical time when Nigeria faces significant fiscal challenges and remarkable opportunities,” he told lawmakers.

“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,” Oyedele added.