The Minister of State for Finance, Taiwo Oyedele, has come out to clear the air on recent reports about Nigeria’s new tax laws.

Some media stories claimed he admitted there were errors in the reforms and asked people to wait for a legislative probe. He described these reports as fake news and said they twisted his actual words.

In a detailed statement, Oyedele explained that he never said the new tax laws had major problems. Instead, during a recent talk at a lawyers’ conference in Lagos, he spoke about the early positive results of the reforms. He noted that many small businesses are now registering with CAC every day, and the number of people registered for tax has grown from about 10 million to over 100 million nationwide.

The Minister highlighted some good parts of the new laws. These include exempting small companies from paying tax, raising the threshold for low-income earners, and removing tax on basic needs like food, education, healthcare, transportation, and rent. He also mentioned the new Tax Ombud, which is set up to protect the rights of taxpayers.

Oyedele pointed out that while no law is perfect, the new tax system is much better than the old one. He said any small gaps or issues can be fixed later through normal processes like Finance Bills after more talks with stakeholders.

He stressed that the reforms are already bringing real benefits to ordinary Nigerians and informal businesses.

The statement urged Nigerians to ignore sensational headlines and always check official sources for accurate information on government policies. He warned that misleading stories can confuse the public and make it harder for people to understand the true aims of the tax changes.

This development shows the ongoing debate around Nigeria’s tax reforms. While some people still have questions, the Minister believes the new laws are progressive and designed to help more citizens. As the conversation continues, many are watching to see how the reforms will affect daily life and the economy in the coming months.