Senate Approves Taiwo Oyedele as Minister of State for Finance

Nigeria’s Senate has confirmed Taiwo Oyedele as Minister of State for Finance, green-lighting his appointment through a voice vote at a plenary session presided over by Senate President Godswill Akpabio in Abuja.

President Bola Tinubu had forwarded Oyedele’s nomination to the upper chamber, where lawmakers approved it without dissent. He steps into the role vacated by Doris Uzoka-Anite, who has been reassigned to the Ministry of Budget and Economic Planning.

Oyedele, a seasoned tax professional, previously chaired the Presidential Committee on Fiscal Policy and Tax Reforms — the body credited with developing four tax reform bills recently signed into law by the National Assembly. At his screening, he framed his appointment as a call to service, pledging to push forward fiscal reforms designed to grow government revenue and tighten public financial management.

Beyond taxation, Oyedele identified several pressure points in Nigeria’s economy. He told lawmakers that the solid minerals sector has been starved of investment largely due to policy uncertainty, and called for clearer legislation to attract capital. He also flagged a structural flaw in existing tariff arrangements, where raw materials attract higher import duties than finished goods — a distortion he said undermines local manufacturing.

On public spending, Oyedele was candid: federal and state budgets routinely outstrip actual revenue, forcing heavy reliance on borrowing. He proposed a full audit of contractor arrears, warning that delayed payments inflate project costs and erode trust between government and the private sector.

He further argued that fiscal and monetary policy must work in tandem to tame inflation and stimulate growth, and suggested that savings from fuel subsidy removal be channelled into infrastructure, healthcare and education.