Lagos — Nigerian President Bola Tinubu has nominated Taiwo Oyedele as minister of state for finance, after he led a team to overhaul Nigeria’s tax system, the presidency said on Tuesday.
Oyedele, 50, previously chair of the Presidential Committee on Fiscal Policy and Tax Reforms, replaces Doris Uzoka-Anite, who will be reassigned to the Ministry of Budget and National Planning, the presidency said.
After ending a costly petrol subsidy and twice devaluing the currency in his first year in office, President Bola Tinubu shifted his focus to reforming the tax system in his second year.
Oyedele in 2023 said the tax reform was aimed at reducing the number of taxes levied by federal and state governments from more than 60 to fewer than 10, part of changes to make it easier to conduct business and to boost revenue.
Nigeria has a tax-to-GDP ratio of 10.8%, one of the world’s lowest, forcing the government to rely on borrowing to fund its national budget.
Tinubu forwarded Oyedele’s name to the Senate for confirmation, according to a statement from presidential spokesman Bayo Onanuga.
Oyedele, an economist and public policy specialist, spent more than two decades at PwC, rising to become the firm’s fiscal policy partner and Africa tax leader.
Uzoka-Anite’s reassignment marks her third portfolio since the administration took office.
*Ben Ezeamalu; Chijioke Ohuocha. Editing: Alex Richardson – Reuters
