Nigerian Minister Admits Errors in New Tax Laws, Vows Corrections
Nigeria's Minister of State for Finance, Taiwo Oyedele, has publicly acknowledged that the country's newly introduced tax reform laws contain errors, assuring citizens that steps are being taken to correct them. This admission came during a fireside chat at the 2026 annual conference of the Nigerian Bar Association Section on Legal Practice, themed "From Policy to Practice: Making Sense of Nigeria's New Tax Reforms." The event was reported by The Cable, highlighting the government's commitment to addressing these issues through a proposed Finance Bill.
Errors Linked to Legislative Process
According to a statement from the Fiscal Reforms Committee, Oyedele admitted that inconsistencies emerged during the drafting and legislative stages due to procedural lapses. The committee noted in a social media post that the errors were caused by "manual processes and multiple stages of review" involved in producing the final laws. Oyedele urged Nigerians to await the outcome of an ongoing legislative probe into the discrepancies, emphasizing that the proposed Finance Bill would address the identified issues.
Call for Transparency in Law-Making
The minister stressed the need for a more transparent legislative process, where every version of a law is accessible to the public. He argued that improving openness in law-making would help prevent future inconsistencies and strengthen trust in government policies. Oyedele also explained that enforcement of the new tax laws would not be arbitrary, noting that the reforms are built on transparency, fairness, and clear policy intent. He urged stakeholders to focus on understanding the purpose behind tax laws, rather than relying solely on their provisions.
Impact on Businesses and Low-Income Earners
Oyedele highlighted that the new framework seeks to protect low-income earners and small businesses from excessive taxation. He noted that many Nigerians earn less than N70,000 monthly and should not be heavily taxed, while also confirming that minimum tax requirements for loss-making businesses have been removed. The minister described the previous system as one that effectively taxed capital instead of profit, and warned that inconsistent tax policies could undermine investor confidence. He stressed that stability and predictability are essential for attracting and retaining investment in Nigeria.
Background: Lawmakers Raise Concerns
This development follows earlier concerns raised by lawmakers over discrepancies between the gazetted tax laws and versions passed by the National Assembly. On December 17, 2025, Abdussamad Dasuki, a member of the House of Representatives, alleged that the circulating versions differed from what was approved. The claim led to political tension and prompted the House to establish a special committee to review and reconcile the differences. The reforms aim to protect low-income earners and encourage business formalization, as part of broader efforts to address long-standing issues in Nigeria's tax system.
Lagos Extends Tax Filing Deadline
In related news, the Lagos State Internal Revenue Service (LIRS) has approved a two-week extension for the filing of individual annual personal income tax returns, shifting the deadline from March 31 to April 14, 2026. The extension, disclosed by LIRS Executive Chairman Ayodele Subair, is aimed at giving taxpayers more time to submit accurate and complete returns, amid growing concerns about compliance and last-minute rush. Despite the deadline shift, the service warned taxpayers against complacency, stressing that filing annual tax returns should become a routine obligation rather than a last-minute scramble.
