President Bola Tinubu Swears in Tax Reform Specialist Taiwo Oyedele as Minister of State for Finance

President Tinubu inaugurates Taiwo Oyedele as Minister of State for Finance to lead Nigeria’s tax execution and drive a $1 trillion GDP target by 2030.

By: AXL Media

Published: Mar 16, 2026, 5:53 PM EDT

Source: The information in this article was sourced from Premium Times

New Ministerial Appointment Signals Acceleration of National Fiscal Overhaul

The Nigerian government has formalised a significant leadership change within its economic team to drive the next phase of domestic revenue generation. President Bola Tinubu presided over the swearing-in ceremony of Taiwo Oyedele as the Minister of State for Finance in Abuja, marking a transition from policy advisory to direct executive implementation. During the ceremony, the President emphasized that the appointment was a strategic move to leverage specialized expertise in navigating the complexities of the current economic environment, which currently faces the challenge of maintaining stability while seeking exponential growth.

Consolidating Gains from Recent Legislative Tax Reforms

Prior to his ministerial elevation, Taiwo Oyedele served as the chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, where he orchestrated a massive consolidation of the nation's levy system. Under his leadership, the committee drafted the landmark tax law that became effective in January, successfully reducing the number of official taxes from over 60 down to a single-digit figure. This legislative shift was designed to eliminate the historical burden of multiple taxation and simplify the collection process, addressing long-standing complaints from both domestic and international investors regarding the country's cumbersome fiscal bureaucracy.

Strategic Objectives for National Revenue and Economic Expansion

The administration has set ambitious financial targets that require a fundamental shift in how the state mobilises capital from the private sector. Currently, Nigeria maintains a tax-to-GDP ratio of approximately 13.5 percent, a figure the government intends to elevate to a range between 18 and 20 percent in the coming years. According to President Tinubu, this fiscal expansion is a critical component of the broader national objective to achieve a $1 trillion Gross Domestic Product by the year 2030, necessitating a move away from obsolete and opaque structures toward a more transparent and competitive economic framework.