President Bola Tinubu On Monday sworn in Mr. Taiwo Oyedele as the Minister of State for Finance at a brief ceremony at the Presidential Villa in Abuja, following the approval of his nomination by the Senate barely two days after his name was submitted for consideration by the President.
Oyedele’s swearing in took place at about 2.40 p.m, thereby consolidating his status as one of the experts that had been championing the Tinubu-led administration’s economic reforms, particularly the fiscal components.
His inauguration comes just five days after the Senate confirmed his nomination following a rigorous screening process.
During his appearance before the Senate, the nominee promised to further champion the nation’s fiscal reforms drive with a view to boosting government revenue, ensure more realistic budgeting, and modernize Nigeria’s economic management framework.
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The President had submitted Oyedele’s name to the lawmakers in a correspondence dated March 3, 2026 in line with the provisions outlined in Section 147(2) of the 1999 Constitution.
The Senate had last Wednesday, March 12, approved Oyedele’s nomination through a voice vote following an extensive screening session that lasted over two hours.
The Senate President, Sen. Godswill Akpabio, announced the confirmation after members of the Committee of the Whole adopted the recommendation.
Oyedele, aged 50 years, is from Ikaram, Akoko, Ondo State, and is bringing into his new office over two decades of experience in fiscal policy and tax administration/
Before his nomination, he served as Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms which was inaugurated in August 2023 and coordinated the overhaul of Nigeria’s tax system, which before then had many obsolete provisions in the key legislations.
After months of meetings, stakeholder engagements and public hearings at the National Assembly, the committee succeeded in producing four executive bills, which updated scores of provisions in the old legislations with significant reforms that aligned with the socioeconomic realities in the country.
The draft bills, namely the Nigeria Tax Bill, Nigeria Tax Administration Bill, Nigeria Revenue Service (Establishment) Bill, and Joint Revenue Board (Establishment) Bill, were subsequently passed for signing by the President into laws.
The President signed the draft legislations on June 26, 2025, and the fiscal authorities agreed that the implementation should become effective from January 1, 2026.
