The Presidential Fiscal Policy and Tax Reforms Committee has dismissed reports claiming that the Minister of State for Finance, Taiwo Oyedele, admitted mistakes in the newly introduced tax laws.

The committee in a statement on Sunday said the publications wrongly presented the minister’s comments and created the impression that he asked Nigerians to wait for the outcome of a legislative investigation.

It explained that the process being referenced had already been concluded, with certified and gazetted copies of the laws released by the National Assembly since early January 2026.

According to the committee, the reports could confuse the public and give a wrong picture of the tax reforms and their purpose.

It noted that during a recent fireside discussion at the Nigerian Bar Association Section on Legal Practice conference held in Lagos, the minister spoke about the early outcomes of the new tax system.

He pointed to a rise in informal businesses seeking registration with the Corporate Affairs Commission, as well as a sharp increase in the number of Nigerians captured in the tax net, which has grown from under 10 million before the reforms to over 100 million.

The committee added that the changes in the tax laws were designed to support small businesses and low-income earners. It said smaller companies are now exempt from paying taxes, while people with lower incomes enjoy higher exemption limits.

It also stated that essential needs such as food, education, healthcare, transport and rent are not taxed under the new system, and a tax ombud has been introduced to protect taxpayers.

While defending the reforms, the committee acknowledged that laws can be improved over time. It explained that continuous discussions with stakeholders would help identify gaps and allow for updates through future finance bills.

The committee advised Nigerians to ignore misleading reports and depend on verified information from official channels and trusted media organisations when following developments on tax policies and government actions.