Minister of State for Finance, Taiwo Oyedele, has admitted that mistakes were made in the drafting and implementation of the country’s new tax reform laws, promising that the government will address the identified shortcomings.
Speaking at a public forum on Tuesday, Oyedele acknowledged that the legislation, which took effect earlier this year, contained provisions that were either unclear or had unintended negative consequences for businesses and individuals.
“We made some mistakes in the drafting of the tax laws. Some of the provisions were not as clear as they should have been, and in some cases, they have had unintended consequences,” he said.
He added that the government was already working on corrective measures. “We are reviewing the laws and will make the necessary amendments to ensure they achieve their intended objectives without creating undue hardship,” Oyedele stated.
The minister emphasised that the reforms were meant to simplify the tax system and improve revenue collection, but admitted that implementation challenges had arisen due to poor communication and technical gaps in the original drafting.
Oyedele’s admission comes amid growing criticism from businesses and civil society groups who argued that the new tax regime had increased compliance costs and created uncertainty in the economy.
