The Nigerian Senate has confirmed the nomination of Taiwo Oyedele as Minister of State for Finance following a screening session where he pledged to pursue fiscal reforms aimed at boosting government revenue and strengthening Nigeria’s economic management.
Oyedele, a respected tax expert and former Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, was confirmed after lawmakers expressed confidence in his experience and track record in fiscal policy reform.
He is expected to replace Doris Uzoka-Anite in the role.
During the screening, Oyedele described his nomination as an opportunity to serve the country, sharing details of his modest upbringing and academic journey.
He said he attended Community Comprehensive High School in Ikare Akoko, where he graduated as the best student and received a scholarship that helped him complete his secondary school education.
He later studied at Yaba College of Technology and the Federal Polytechnic, where he obtained a Higher National Diploma before earning a Bachelor’s degree in Accounting from Oxford Brookes University in the United Kingdom.
Oyedele also attended executive programmes at Harvard University, Yale University, the London School of Economics and Political Science, and the Gordon Institute of Business Science.
Beyond his academic work, he said he had served as a professor of practice at Markhoff University and lectured at the Lagos Business School and the University of Lagos.
Before advising the federal government on fiscal reforms, Oyedele built a career in the private sector at PricewaterhouseCoopers (PwC), where he rose to become Africa Tax Leader and Policy Leader with responsibility across more than 20 countries.
He told lawmakers that the committee he led had developed several reform initiatives over the past two and a half years, including four major tax reform laws recently passed by the National Assembly.
Oyedele noted that beyond taxation, the reforms also focused on increasing revenue from government assets, government-owned enterprises and investments, while improving how public funds are spent.
However, he acknowledged that public trust in government spending remains a major challenge, noting that many Nigerians question whether tax revenues are used responsibly.
Responding to concerns from Deputy Senate President Jibrin Barau about low revenue from the solid minerals sector, Oyedele said policy uncertainty has discouraged investors.
He suggested that stable policies and legislative backing could unlock investment in the sector, citing the example of the Nigeria Liquefied Natural Gas project, which expanded after receiving strong legislative support.
He also criticised Nigeria’s budgeting system, noting that federal and state governments often finance nearly half of their budgets through deficit borrowing, a situation he described as unsustainable.
According to him, government must carry out a comprehensive review of its finances, including determining the total arrears owed to contractors and developing a realistic repayment plan.
Oyedele added that delayed payments increase project costs because contractors factor the risks into future contracts.
He further stressed the need to align fiscal policy with Nigeria’s industrialisation goals by adjusting tariff structures that currently make raw materials more expensive than finished goods.
The screening was presided over by Senate President Godswill Akpabio, who described Oyedele as a highly qualified technocrat whose expertise would help strengthen the country’s economy.
Following the confirmation, Oyedele is expected to be sworn in as Minister of State for Finance.
