Oyedele leads six-week review of tax reforms

Minister of Finance Taiwo Oyedele has announced the commencement of a six-week review of Nigeria's tax reforms to tackle implementation issues, ambiguities, and unintended consequences since the new tax laws came into effect in January 2026. The comprehensive review will encompass various aspects of the tax regime, including Value Added Tax thresholds, withholding tax, capital gains treatment, and multiple taxation.

The findings are expected to contribute to the Finance Bill 2027. Oyedele, who chairs the Presidential Fiscal Policy and Tax Reforms Committee, emphasized that implementation inevitably uncovers areas requiring clarification, refinement or further reform. The Nigeria Tax Act 2025, Revenue Service Act 2025, and related legislation took full effect on January 1, 2026.

Stakeholders submitted 134 proposals, seeking to clarify and simplify tax rules, strengthen measures against multiple taxation, enhance digitalisation, and protect small businesses. Oyedele cautioned that complicated tax rules raise compliance costs and create room for discretion. The subcommittee, chaired by the Federal Ministry of Finance, will submit its recommendations within six weeks, aiming to strike a balance between revenue generation and economic impact.