The Senate of Nigeria on Wednesday confirmed the nomination of Taiwo Oyedele as minister of state for finance.
The confirmation came after a screening session in which the tax specialist pledged to drive fiscal reforms aimed at boosting government revenue, promoting realistic budgeting, and strengthening Nigeria’s economic management framework.
Oyedele, the former chairman of the presidential fiscal policy and tax reforms committee, secured confirmation after lawmakers expressed confidence in his expertise and professional background.
He is set to succeed Doris Uzoka-Anite as minister of state for finance.
During the screening exercise, Oyedele described his nomination as a chance to contribute to national service, noting that he had built his professional career in the private sector before advising the federal government on fiscal reforms.
He highlighted his experience at PricewaterhouseCoopers (PwC), where he served as Africa tax and policy leader with oversight responsibilities across more than 20 countries.
Oyedele added that his involvement in international tax policy and economic reform initiatives spanning over 180 countries had equipped him with the experience needed to support Nigeria’s economic transformation.
Speaking on his previous role as chairman of the presidential committee on fiscal policy and tax reforms, Oyedele said “in the past two and a half years, we have been able to work on various reform initiatives”.
He explained that the initiatives included four major tax reform laws recently passed by the National Assembly of Nigeria and commended lawmakers for their support, noting that the reforms would modernise Nigeria’s fiscal system and enhance revenue generation.
Oyedele further stated that the committee also pursued measures to increase earnings from government assets, state-owned enterprises, investments, and improved efficiency in public expenditure.
However, he noted that public trust in government spending remains a significant issue.
“One of the most frequent questions Nigerians ask is that when they pay taxes, what assurance do they have that the money will be used for the right purpose,” he said.
Oyedele acknowledged that the concern is legitimate and stressed that government must address it.
Responding to a question from Jibrin Barau regarding the low revenue generated from the solid minerals sector, Oyedele said Nigeria has historically relied too heavily on taxation and the oil and gas sector.
He cited the example of the Nigeria Liquefied Natural Gas project, where legislative backing restored investor confidence and enabled expansion.
According to him, a similar model could be adopted in the solid minerals sector. He added that the ministry of finance would work with the Federal Ministry of Solid Minerals Development to establish a favourable policy environment for investors.
On the issue of weak implementation of capital projects, Oyedele noted that Nigeria’s budgets have often been overly ambitious when compared with available revenue.
He explained that both federal and state governments currently fund nearly half of their budgets through deficit borrowing.
He also compared Nigeria’s revenue with that of five other major African economies, noting that despite generating higher income than them, the country’s fiscal deficit remains larger.
Oyedele described the situation as unsustainable.
He proposed a comprehensive review of government finances, including an assessment of domestic arrears owed to contractors.
According to him, the government must determine the total amount owed to contractors and develop a realistic plan for settling those obligations.
He emphasised that improved cash management and stronger fiscal discipline are essential to ensure that projects receive adequate funding and are completed on schedule.
Oyedele added that delayed payments to contractors often lead to higher project costs and erode confidence in government.
“When contractors are not paid on time, they build the risk into future contracts, which ultimately increases the cost of projects for government,” he said.
He also stressed the importance of aligning fiscal policies with Nigeria’s industrialisation objectives, noting that current tariff structures sometimes discourage local manufacturing by imposing higher duties on raw materials than on finished products.
Oyedele said correcting these distortions would stimulate manufacturing, create employment opportunities, and reduce dependence on imports.