The senate on Wednesday confirmed the nomination of Taiwo Oyedele as minister of state for finance.
The confirmation followed a screening session during which the tax expert pledged to pursue fiscal reforms aimed at improving government revenue, ensuring realistic budgeting, and strengthening Nigeria’s economic management framework.
Oyedele, former chairman of the presidential fiscal policy and tax reforms committee, was confirmed after lawmakers expressed confidence in his competence and experience.
He is expected to replace Doris Uzoka-Anite as minister of state for finance.
During the screening, he described his nomination as an opportunity to serve the country, adding that he built a career in the private sector before advising the federal government on fiscal reforms.
Oyedele highlighted his career at PricewaterhouseCoopers (PwC), where he served as Africa tax and policy leader with responsibility for more than 20 countries.
He said his work on international tax policy and economic reforms across more than 180 countries prepared him to contribute to Nigeria’s economic transformation.
Speaking on his duty as the 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 said the initiatives included four major tax reform laws recently passed by the national assembly and commended lawmakers for their support, noting that the reforms would modernise Nigeria’s fiscal framework and improve revenue generation.
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Oyedele said the committee also worked on initiatives to increase revenue from government assets, government-owned enterprises, investments and improvement in the efficiency of public spending.
However, Oyedele said public trust in government spending remains a major concern.
“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 described the concern as legitimate noting that it must be addressed by the government.
Responding to a question by Jibrin Barau, deputy senate president, on low revenue from the solid minerals sector, Oyedele said Nigeria has focused too heavily on taxation and oil and gas.
He cited the example of the Nigeria liquefied natural gas (NLNG) project, where legislative backing helped restore investor confidence and enabled expansion.
He said a similar approach could be adopted in the solid minerals industry, adding that the ministry of finance would collaborate with the ministry of solid minerals development to create a favourable policy environment for investors.
On the challenge of poor implementation of capital projects, Oyedele said Nigeria’s budgets have often been overly ambitious compared to available revenue.
He said federal and state governments currently finance nearly half of their budgets through deficit borrowing.
He also compared Nigeria’s revenue with that of five other leading African economies, noting that despite earning more than them, the country’s fiscal deficit remains higher.
Oyedele described the situation as unsustainable.
He proposed a comprehensive review of government finances, including a status analysis of domestic arrears owed to contractors.
Oyedele said the government must determine how much it owes contractors and develop a realistic plan to settle the obligations.
He said improved cash management and fiscal discipline are necessary to ensure that projects are adequately funded and completed.
Oyedele said 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 government,” he said.
He also emphasised the need to align fiscal policy with Nigeria’s industrialisation goals, adding that existing tariff structures sometimes discourage local production by imposing higher duties on raw materials than on finished goods. Oyedele said correcting such distortions would encourage manufacturing, create jobs, and reduce reliance on imports.
