The Senate has confirmed tax expert Taiwo Oyedele as Nigeria’s Minister of State for Finance, urging him to use his expertise in fiscal reforms to strengthen government revenue generation and improve economic management.
His confirmation followed a screening session at the Senate, presided over by Senate President Godswill Akpabio, where lawmakers expressed confidence in his professional experience and policy expertise.
During the session, Oyedele assured senators that he would work with relevant stakeholders to pursue fiscal reforms aimed at expanding revenue sources, improving budget implementation and aligning fiscal policies with Nigeria’s industrialisation and economic growth goals.
He acknowledged public concerns about how tax revenues are utilised, noting that improving transparency and efficiency in government spending would be critical to building trust in the country’s fiscal system.
Responding to questions from Deputy Senate President Barau Jibrin on revenue generation from solid minerals, Oyedele said Nigeria had historically focused too heavily on taxation and oil and gas while neglecting other sectors with strong revenue potential.
He identified policy uncertainty as a major factor limiting investment in the solid minerals sector, adding that a stable regulatory environment could attract investors and significantly increase government earnings from the industry.
Oyedele cited the Nigeria Liquefied Natural Gas project as an example of how legislative guarantees can unlock large-scale investments, noting that similar policy stability could help accelerate growth in other sectors of the economy.
