The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has assured Nigerians that the implementation of new tax laws will be conducted with fairness, transparency, and equity.
Edun gave the assurance during a signing ceremony of the Presumptive Tax framework with the National Tax Policy Implementation Committee (NTPIC) on Tuesday in Abuja.
The ceremony coincided with President Bola Tinubu’s nomination of Mr. Taiwo Oyedele as the Minister of State for Finance, succeeding Dr. Doris Anite-Uzoka.
The presumptive tax approach allows tax authorities to estimate the earnings of informal businesses based on visible indicators such as trade type, location, and scale of operations, rather than relying solely on audited financial accounts.
The new regulations would help small and informal businesses comply with tax obligations without stifling their growth.
Edun said, “With the signing of these regulations, we are moving from legislation to structured implementation of the tax reforms.
The Tax Acts passed in 2025, some of which became effective in January 2026, are now being formally operationalised.”
He emphasised that the framework is designed to be fair, transparent, and inclusive, exempting nano and small businesses to support their expansion.
“The government is not increasing taxes; we are broadening the tax net while ensuring coordination and stability,” Edun added.
The Finance Minister outlined that the framework will guarantee economic inclusion, clarity, and equity across the country.
“These regulations provide a simple and transparent method for applying presumptive tax, ensuring that taxation is predictable and accessible for all,” he noted.
Echoing Edun’s comments, Mr. Olusegun Adesokan, Executive Secretary of the Joint Revenue Board (JRB), confirmed that all 36 states are aligned with the new regulations.
“We are moving from intention to implementation. This is a historic moment, marking the first time the presumptive tax approach is operational in Nigeria,” he said.
Adesokan highlighted that the system targets prosperity rather than poverty, and it eliminates outdated practices such as mounting roadblocks for tax collection.
The subnational governments have expressed support for the framework, reflecting growing consensus on structured tax administration.
Meanwhile, in a parallel development, President Tinubu nominated Taiwo Oyedele as Minister of State for Finance, replacing Dr. Doris Anite-Uzoka, who would now serve in the Ministry of Budget and National Planning in her third ministerial portfolio within the administration.
The nomination has been forwarded to the Senate for confirmation in a letter to Senate President Godswill Akpabio.
Before his nomination, Oyedele, 50, from Ikaram, Akoko in Ondo State, chaired the Presidential Committee on Fiscal Policy and Tax Reforms, which led major overhauls in Nigeria’s tax system.
A seasoned economist, accountant, and public policy expert, Oyedele earned a Higher National Diploma in Accountancy and Finance from Yaba College of Technology, and a BSc in Applied Accounting from Oxford Brookes University.
He has also completed executive programs at the London School of Economics, Yale University, the Gordon Institute of Business Science, and the Harvard Kennedy School.
Oyedele spent 22 years at PwC, rising to the position of Fiscal Policy Partner and Africa Tax Leader. He is currently a professor at Babcock University and a visiting scholar at Lagos Business School.
The signing of the Presumptive Tax framework and Oyedele’s nomination signal the administration’s commitment to structured tax reforms and fiscal policy continuity, aiming to expand compliance while supporting small businesses nationwide.
