Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, has declared that the implementation of the new tax laws will be closely monitored to ensure transparency, fairness, and equity.
This promise was made on the same day that President Bola Tinubu appointed Mr. Taiwo Oyedele as the new Minister of State for Finance, succeeding Dr. Doris Anite-Uzoka.
Edun spoke at the signing ceremony for the Presumptive Tax framework with the National Tax Policy Implementation Committee (NTPIC) in Abuja.
The tax authorities are adopting a presumptive tax system, which estimates the incomes of informal businesses based on observable factors such as their operations, location, and scale rather than relying solely on audited financial statements.
This regulation enables tax authorities to assess tax obligations for small enterprises and the informal sector when formal records are unavailable.
Edun emphasized that this signing marks the start of a structured implementation of the new tax laws, designed to facilitate growth for small businesses rather than hinder their progress.
Moreover, he assured that the Presumptive Tax would be applied fairly and would exempt nano and small businesses to foster their development and expansion.
He stated, "Our aim is coordination in tax collection rather than fragmentation," highlighting that this signing ceremony demonstrates the government's commitment to stabilizing the tax system.
Edun added that this transition signifies moving from legislation to structured implementation of the tax reforms, which were enacted in 2025 and are set to take effect in phases starting in January 2026.
He reiterated the government's commitment to transparency, fairness, and economic inclusion for all Nigerians, noting that the regulations would provide a clear and straightforward approach to applying the presumptive tax.
In remarks, Mr. Olusegun Adesokan, the Executive Secretary of the Joint Revenue Board (JRB), stated that all 36 states are aligned with the new tax regulations. "We are progressing from mere intentions to tangible implementation," he said, describing this moment as historic, marking the inaugural operation of the presumptive tax method, which aims to encourage economic growth rather than penalize poverty.
Adesokan also highlighted that the new system employs technology in tax collection and prohibits the establishment of roadblocks for any tax collection, a measure welcomed by regional authorities.
In the meantime, President Tinubu's nomination of Oyedele as Minister of State for Finance comes as Anite-Uzoka transitions to the Ministry of Budget and National Planning, taking on her third position within the administration.
The President has formally submitted Oyedele's nomination to the Senate for approval in a letter directed to Senate President Godswill Akpabio.
Prior to this ministerial appointment, Oyedele, hailing from Ikaram, Akoko in Ondo State, chaired the Presidential Committee on Fiscal Policy and Tax Reforms, which is responsible for the significant overhaul of Nigeria's taxation framework.
At 50 years old, Oyedele is an economist, accountant, and expert in public policy. He earned his Higher National Diploma in accountancy and finance from Yaba College of Technology before obtaining a BSc in applied accounting from Oxford Brookes University.
He has also completed executive education courses at prestigious institutions including the London School of Economics, Yale University, the Gordon Institute of Business Science, and the Harvard Kennedy School.
With 22 years of experience at PwC, he rose through the ranks to become the company's Fiscal Policy Partner and the leading Tax Leader for Africa.
Additionally, Oyedele teaches at Babcock University in Ogun State and serves as a visiting scholar at the Lagos Business School.
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