By BONIFACE AKARAH

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

In a statement, the committee described the reports as “misleading,” saying they misrepresented the Minister’s remarks and distorted public understanding of the reforms.

“Our attention has been drawn to misleading media reports claiming that the Honourable Minister… has ‘finally admitted errors in the new tax laws,’” the statement said.

It clarified that claims suggesting the Minister urged Nigerians to await the outcome of a legislative probe were inaccurate, noting that the process had already been concluded and gazetted.

“These publications misrepresent the Minister’s statements… falsely alleging that he urged Nigerians to await the outcome of a ‘legislative probe’, a process that has long been concluded,” the committee stated.

According to the committee, Oyedele, while speaking at a recent event, highlighted early gains from the implementation of the tax reforms.

“The Minister… highlighted the early positive impact of the new tax laws, including thousands of informal businesses now seeking CAC registration daily,” it said.

The statement added that the number of individuals registered for tax purposes had risen significantly following the reforms.

“The number of individuals registered for tax purposes nationwide has increased from barely 10 million before the reform to over 100 million,” it noted.

The committee attributed the outcomes to key provisions in the new tax laws, including exemptions for small companies, increased thresholds for low-income earners, and relief on basic consumption items.

It also clarified that while the Minister acknowledged that no law is perfect, he emphasised continuous review rather than admitting faults.

“He however emphasised that no law is perfect… and that ongoing stakeholder engagement is essential to identify and address any gaps through Finance Bills,” the statement said.

The committee urged the public to rely on verified sources for information on government policies.

“We urge members of the public to disregard sensational headlines and twisted narratives and rely exclusively on official sources and credible media organisations,” it added.