Tag: Taiwo Oyedele

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Oyedele sets up new VAT Modification Order C’ttee

The Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, has inaugurated an Inter-Ministerial Committee to develop the 2026 Value Added Tax (VAT) Modification Order.

The Ministry’s Head , Information and Public Relations, Efe Ovuakporie, in a statement, this morning said the committee was Inaugurated in Abuja, on Friday, in a move aimed at ensuring the effective implementation of Nigeria’s new tax laws.

Mr. Oyedele was quoted as saying the committee’s work would “provide greater certainty for businesses, investors and tax administrators,” and thst the assignment was critical to the successful implementation of the Tax Reform Acts, which came into effect on January 1, 2026.

Mr. Raymond Omachi, the Permanent Secretary of the Ministry of Finance was named the Chairman of the committee.

The minister described the reforms as the most far-reaching overhaul of Nigeria’s tax system in decades, noting that they were designed to simplify tax administration, improve certainty, enhance the country’s competitiveness, protect vulnerable Nigerians and lay a stronger foundation for sustainable economic growth.

According to him, the previous VAT Modification Order, which was issued under the now repealed VAT Act, had served its purpose, but a new Order had become necessary to align with the provisions of the Nigeria Tax Act, 2025.

“This is not about reproducing an old document. It is about developing a VAT Modification Order that is clear, practical and responsive to the needs of a changing economy,” Oyedele said.

He explained that the new Order should eliminate ambiguity, simplify compliance for taxpayers, support investment decisions and provide tax administrators with clearer guidance for implementing the law.

The Minister directed the committee to undertake a comprehensive review of the legal framework, administrative practices and policy directives governing VAT administration, with particular attention to VAT-exempt and zero-rated provisions contained in Part IV of the Nigeria Tax Act, 2025.

He tasked members with identifying areas requiring further clarification and engaging extensively with stakeholders across government, the organised private sector, professional bodies and other interest groups to validate classifications and resolve implementation concerns.

Oyedele also instructed the committee to recommend a comprehensive schedule of VAT-exempt and zero-rated supplies, taking into account revenue implications, social impact, Nigeria’s treaty obligations and regional integration commitments.

In addition, the committee is expected to prepare a practical VAT Modification Order that aligns with the provisions of the Nigeria Tax Act and recommend amendments to the Tax Reform Acts and other enabling laws where necessary to strengthen implementation.

The Minister urged members to ensure that their recommendations remained faithful to both the letter and spirit of the new tax laws, adding that the Order should promote industrial growth, attract investment, encourage exports, strengthen food security, foster innovation and support Nigeria’s energy transition without undermining the integrity of the VAT system. (Vanguard)

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Edun resigns from cabinet as Tinubu elevates Oyedele to Finance Minister

President Bola Tinubu has approved a minor cabinet reshuffle in the Federal Executive Council, which led to the exit of the Minister of Finance and Coordinating Minister for the Economy, Wale Edun and the Minister of Housing and Urban Development Ministry, Ahmed Dangiwa.

According to a statement from the Special Adviser, Media and Publicity to the Secretary to the Government of the Federation, Yomi Odunuga, on Tuesday, the memo signed by the Secretary to the Government of the Federation, Senator George Akume, indicated that two cabinet members, Mr. Wale Edun and Architect Ahmed Dangiwa are to leave the cabinet while their replacements have been named.

Edun, until the latest development, was the Minister of Finance and Coordinating Minister for the Economy. He has been directed to hand over to Mr Taiwo Oyedele, who is now to take over as Minister of Finance and Coordinating Minister of the Economy. Oyedele was formerly a Minister of State in the ministry.

Also, Mr Muttaqha Rabe Darma (PhD) has been named as the ministerial nominee and minister designate for the Housing and Urban Development Ministry.

The memo stated that “all handing over and taking over processes should be completed on or before the close of business on Thursday, 23rd April, 2026.”

Explaining the President’s decision, Akume said: “These changes are aimed at strengthening cohesion, synergy in governance as well as achieving more impactful delivery on the economy to Nigerians, through the Renewed Hope Agenda.”

He said the President, in approving the cabinet reshuffle, has fully exercised his powers as conferred on him by Sections 147 and 148 of the Constitution of the Federal Republic of Nigeria (1999, as amended).

The President thanked the outgoing ministers for their services to the nation while wishing them the best in all their future endeavours.

The President, Akume, noted, equally assured all cabinet members that “the process of reinvigoration shall be continuous.” (TVCNews)

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Taiwo Oyedele says 12 states have enacted tax harmonisation law

Taiwo Oyedele, minister of state for finance-designate, says at least 12 states have enacted the tax harmonisation law.

The tax harmonisation law is part of the broader tax reform agenda introduced by the administration of President Bola Tinubu.

On January 1, the president said harmonised tax laws will boost the federal government’s capacity to fund infrastructure projects.

According to NAN, Oyedele spoke on Wednesday in Abuja during the graduation ceremony of 5,900 young entrepreneurs trained by the MTN Foundation on entrepreneurship, business and innovation.

He said 13 other states have already presented the proposed law before their respective state houses of assembly for consideration, while others are at different stages of implementing the reforms.

The minister-designate added that the tax reforms initiated by President Bola Tinubu are designed to modernise Nigeria’s fiscal framework, support business growth, protect vulnerable groups and reset the country’s economic structure.

Oyedele said the states tax harmonisation law seeks to eliminate nuisance taxes and prevent harassment of citizens under any guise.

He added that the law will simplify the tax system, protect taxpayers’ rights and address unfair tax treatment.

“Transparency, fiscal discipline, responsibility and accountability remain critical pillars of an effective tax system,” he said.

On June 26, 2025, Tinubu signed the four tax reform bills into law.

The president said the reforms are not about raising taxes, but about creating a structural reset, driving harmonisation and strengthening the social contract. (TheCable)