The Nigerian Senate on Wednesday confirmed renowned tax expert, Taiwo Oyedele, as the Minister of State for Finance, charging him to deploy his experience in fiscal policy reforms to strengthen government revenue generation and enhance economic management.
The confirmation followed his screening by the Senate sitting as the Committee of the Whole, presided over by the President of the Senate, Godswill Akpabio.
During the session, lawmakers expressed confidence in Oyedele’s professional background, competence and track record in tax administration and fiscal policy.
The screening exercise, which lasted more than two hours, provided senators with an opportunity to question the nominee on his vision for Nigeria’s fiscal system and strategies for improving government revenue.
Responding to questions from lawmakers, Oyedele assured the Senate that he would work closely with relevant government institutions, private-sector stakeholders and development partners to advance fiscal reforms aimed at strengthening Nigeria’s economy.
He noted that expanding revenue sources and improving fiscal discipline would be among his top priorities if confirmed.
According to him, Nigeria must broaden its revenue base while ensuring that fiscal policies support industrialisation, economic productivity and long-term development.
Oyedele also stressed the importance of improving budget implementation and ensuring that government spending aligns with national development priorities.
He said stronger fiscal coordination between federal and sub-national governments would help address existing gaps in revenue generation and financial management.
The nominee further emphasised the need for reforms that would make the tax system more efficient, transparent and supportive of economic growth.
Lawmakers who participated in the screening said Oyedele’s extensive experience in tax policy and fiscal advisory roles made him well suited for the position.
Several senators noted that Nigeria faces significant fiscal challenges, including limited revenue generation relative to the size of the economy, and said the new minister would play a crucial role in addressing these issues.
Following the screening, the Senate moved into deliberation before formally approving his nomination.
Political observers say Oyedele’s confirmation reflects the federal government’s effort to strengthen its economic management team at a time when Nigeria is seeking to improve revenue mobilisation and implement structural reforms.
As Minister of State for Finance, Oyedele is expected to work with the Minister of Finance and other economic managers to implement policies aimed at boosting government revenue, enhancing fiscal discipline and supporting economic growth.
His appointment is also seen as part of broader efforts by the administration of Bola Ahmed Tinubu to reform Nigeria’s fiscal system and improve the efficiency of public finance management.
