The Senate on Wednesday confirmed the nomination of Taiwo Oyedele as Minister of State for Finance after a screening session in which the renowned tax expert pledged to pursue fiscal reforms aimed at improving government revenue, ensuring realistic budgeting and strengthening the country’s economic management framework.
Oyedele, a former Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, was confirmed after lawmakers expressed confidence in his competence, experience and track record in fiscal policy reform.
He replaces Doris Uzoka-Anite as Minister of State for Finance.
During the screening, the nominee highlighted his modest upbringing and extensive academic and professional background, describing his nomination as an opportunity to serve the country.
He told the Senate that his academic journey began in community schools before he proceeded to tertiary institutions in Nigeria and abroad.
According to him, he attended Community Comprehensive High School in Ikare Akoko, where he graduated as the best student and won a N500 scholarship that enabled him to complete his secondary school examinations.
He later studied at the Federal Polytechnic and Yaba College of Technology, where he obtained a Higher National Diploma before earning a Bachelor of Science degree in Accounting from Oxford Brookes University in the United Kingdom.
Oyedele also attended executive programmes at Harvard University, Yale University, the London School of Economics and Political Science, and the Gordon Institute of Business Science.
Beyond his academic accomplishments, Oyedele said his passion for teaching had led him to serve as a professor of practice at Markhoff University while also lecturing at the Lagos Business School and the University of Lagos.
He explained that prior to his recent role advising the federal government on fiscal reforms, he had built a distinguished career in the private sector.
Oyedele disclosed that he rose through the ranks at PricewaterhouseCoopers (PwC), one of the world’s leading consulting firms, where he served as Africa Tax Leader and Policy Leader with responsibility for over 20 countries.
He said his work in international tax policy and economic reforms across more than 180 countries prepared him for the task of contributing to Nigeria’s economic transformation.
The nominee told lawmakers that over the past two and a half years, the presidential fiscal policy committee he led had developed several reform initiatives, including four major tax reform laws recently passed by the National Assembly.
He commended the legislature for its support, noting that the reforms would modernise Nigeria’s fiscal framework and improve revenue generation.
According to him, beyond taxation, the committee had also worked on initiatives to increase revenue from government assets, government-owned enterprises and investments, while also improving how public funds are spent.
However, Oyedele acknowledged that public trust in government spending remained a critical challenge.
“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, describing the concern as legitimate and one the government must address.
During the interactive session, lawmakers raised questions on issues ranging from solid minerals development to capital budget implementation and fiscal policy coordination.
Responding to concerns raised by the Deputy Senate President, Jibrin Barau, on low revenue from the solid minerals sector, Oyedele said Nigeria had historically focused too heavily on taxation and oil and gas, while neglecting other potential sources of revenue.
He identified policy uncertainty as the major impediment discouraging investors from the solid minerals sector.
According to him, providing policy stability and legislative guarantees could unlock investment and significantly increase revenue from the sector.
He cited the example of the Nigerian Liquefied Natural Gas project, where legislative backing helped restore investor confidence and enabled expansion.
Oyedele said a similar approach could be adopted for the solid minerals industry, adding that the Ministry of Finance would collaborate with the Ministry of Solid Minerals Development to create an enabling policy environment for investors.
On the persistent challenge of poor implementation of capital projects due to funding constraints, the nominee noted that Nigeria’s budgets had often been overly ambitious compared to actual revenue.
He observed that the federal and state governments currently finance nearly half of their budgets through deficit borrowing, a situation he described as unsustainable.
To address the problem, Oyedele proposed a comprehensive review of government finances, including a status analysis of domestic arrears owed to contractors.
He said the government must clearly determine how much it owes contractors and develop a realistic plan to settle such obligations.
He also stressed the need for improved cash management and fiscal discipline to ensure that once projects are initiated, they are adequately funded and completed on schedule.
According to him, delays in payment to contractors increase project costs and undermine trust in government.
“When contractors are not paid on time, they build the risk into future contracts, which ultimately increases the cost of projects for the government,” he explained.
Oyedele further emphasised the importance of aligning fiscal policy with Nigeria’s industrialisation goals, noting that existing tariff structures sometimes discourage local production by imposing higher duties on raw materials than on finished goods.
He said correcting such distortions would encourage manufacturing, create jobs and reduce reliance on imports.
On economic stability, the nominee said fiscal policy must complement monetary policy in addressing inflation and promoting sustainable growth.
He suggested that increased government revenues from recent reforms, such as fuel subsidy removal, should be channelled into priority sectors, including infrastructure, health, and education.
Such investments, he noted, would improve productivity, reduce logistics costs and deliver tangible benefits to citizens.
President of the Senate, Senator Godswill Akpabio, who presided over the screening, described Oyedele as a highly qualified technocrat whose expertise would benefit the country.
Akpabio commended President Bola Tinubu for the nomination, noting that Oyedele had played a key role in explaining and promoting the government’s tax reforms across the country.
He said the Senate was confident that the nominee would translate his extensive knowledge into practical policies capable of strengthening Nigeria’s economy.
Following the screening, the Senate confirmed Oyedele’s nomination, paving the way for his swearing-in as Minister of State for Finance.
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