By Nchetachi Chukwuajah
Newly sworn-in Minister of State for Finance, Taiwo Oyedele, has noted that policies must go beyond being on paper to execution, pledging to ensure Nigeria’s tax reforms move from policy formulation to execution.
Oyedele stated this shortly after President Bola Tinubu administered the oath of office to him at the Aso Rock Presidential Villa, Abuja, on Monday, March 16.
Oyedele, while speaking to State House correspondents after the ceremony, said his immediate priorities as minister include revenue mobilisation, spending efficiency, debt management and fiscal sustainability.
He said: “Reforms are only as good as the paper on which they are written. What is really important is the diligent execution, and this is part of it: to move from policy formulation to execution.
“So we’re very excited and looking forward to the challenges ahead.”
The former Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms stated that his focus would be on generating sufficient revenue to meet increasing public demands on the treasury and improving spending efficiency.
He said: “The priorities are mostly around revenue mobilisation, so you can have enough revenue to meet the increasing demand of the public in the treasury.
“And then there’s also the issue around spending efficiency and priority, because for every one Naira that we earn, how can we optimise the value we get from it to meet the needs of our people?”
Oyedele also noted that though challenges exist, opportunities also abound for the country.
The new minister stressed the need for proactive thinking to position Nigeria to manage challenges while optimising opportunities, both domestically and globally.
“How do we position Nigeria to best manage challenges and headwinds while optimising the values and the opportunities that are there both within Nigeria and globally for our country?” he asked.
The tax expert also stated that he would do his best at all times as minister and collaborate with the Finance Ministry team to address challenges as they arise.
He said, “One thing I can promise Mr President and the Nigerian people is that I’ll give my very best at every point in time.
“And I’m confident in the Ministry of Finance; with the complement of the team and the leadership working together, I don’t think there’s anything that will be beyond us to surmount.”
During the swearing-in, President Tinubu commended the efforts of Oyedele in rewriting Nigeria’s former tax policy, which he described as “obsolete, archaic, and fundamentally against every progressive thinker.”
Tinubu noted that Oyedele faces a challenging task but expressed confidence in his ability to manage the responsibilities of his new office.
He said, “It is a very challenging job to look at the fiscal policy and responsibility that comes with it at a time that economic stability is being experienced, but without exponential growth. It is always very difficult, but you fit the bill.”
