Vows to drive revenue, fiscal reforms

Mr. Taiwo Oyedele on Monday formally assumed office as Minister of State for Finance after being sworn in by President Bola Tinubu  at the State House, Abuja, pledging to prioritise revenue mobilisation, spending efficiency and fiscal sustainability as Nigeria pushes ahead with economic reforms.

Oyedele, who until his appointment chaired the Presidential Committee on Fiscal Policy and Tax Reforms, said his new role represents a shift from policy design to the execution phase of the government’s fiscal reform agenda.

Speaking with State House Correspondents shortly after taking the oath of office, the new minister described the appointment as a privilege and an opportunity to serve the country at a critical moment in its economic trajectory.

“The reward for doing a good job is more work,” he said. “It is always a privilege to have the opportunity to serve your country, especially at the highest level, and even more fascinating at this critical juncture for our country.”

He expressed appreciation to President Tinubu and Nigerians for the confidence placed in him, noting that reforms would only make a meaningful impact if policies are diligently implemented.

“Reforms are only as good as the paper on which they are written. What is really important is the diligent execution. This is part of moving from policy formulation to execution, and we are excited about the challenges ahead,” he said.

Outlining his priorities, Oyedele said the Ministry of Finance would focus on strengthening government revenue generation to meet growing public demands while ensuring efficient use of available resources.

According to him, improving revenue mobilisation remains critical for government at both federal and sub-national levels.

“There is the issue of revenue mobilisation so that government can have enough revenue to meet the increasing demand on the treasury,” he said.

He added that improving spending efficiency would also be central to fiscal reforms, stressing the need to maximise the value derived from public funds.

“For every one naira that we earn, how do we optimise the value we get from it to meet the needs of our people?” he asked.

The new minister also identified debt management and fiscal sustainability as important pillars of the country’s economic policy framework, noting that Nigeria must carefully align its fiscal strategy with monetary, trade and global economic realities.

According to him, effective coordination between fiscal policy, monetary policy and broader economic strategies will be essential for Nigeria to navigate global economic uncertainties while taking advantage of emerging opportunities.

Oyedele’s appointment followed a cabinet reshuffle by the president which saw the former Minister of State for Finance, Dr. Doris Uzoka-Anite, redeployed to the Ministry of Budget and National Planning.

Before joining the cabinet, Oyedele led the Presidential Committee on Fiscal Policy and Tax Reforms, where he oversaw the development of proposals aimed at simplifying Nigeria’s tax system, improving compliance, broadening the tax base and strengthening government revenue.

A native of Ikaram in the Akoko area of Ondo State, the 50-year-old economist and tax expert brings over two decades of experience in fiscal policy and taxation.

He began his academic career at Yaba College of Technology where he obtained a Higher National Diploma in Accountancy and Finance before earning a Bachelor of Science degree in Applied Accounting from Oxford Brookes University in the United Kingdom.

He has also attended executive education programmes at leading global institutions including the London School of Economics, Yale University, the Gordon Institute of Business Science in South Africa and the Harvard Kennedy School in the United States.

Prior to entering public service, Oyedele spent 22 years at the global professional services firm PricewaterhouseCoopers, where he rose to become Fiscal Policy Partner and Africa Tax Leader, advising governments and multinational organisations on tax policy and fiscal reforms.

He is also active in academia, serving as a professor at Babcock University in Ogun State and as a visiting scholar at Lagos Business School.

Presidency officials say Oyedele’s appointment is expected to strengthen the administration’s fiscal reform drive as Nigeria seeks to improve revenue generation, enhance public spending efficiency and stabilise its economic outlook.