Senate Approves Taiwo Oyedele’s Ministerial Appointment, Urges Bold Economic Reforms

The Nigerian Senate on Wednesday approved the ministerial nomination of Professor Taiwo Oyedele by President Bola Ahmed Tinubu, urging him to prioritize economic reforms, strengthen local manufacturing, and enhance the ease of doing business nationwide.

During plenary discussions, senators evaluated Oyedele’s proposed policies and readiness to address critical fiscal challenges, including rising public debt and underperformance in capital budget implementation.

Jibrin Barau, Deputy Senate President, encouraged the nominee to leverage Nigeria’s mineral wealth while improving the efficiency of capital spending.

Lawmakers also emphasized the need for initiatives that bolster domestic industries, reduce reliance on imports, improve the business climate, and secure adequate funding for security agencies through first-line charges to ensure national stability.

Responding, Oyedele highlighted that Nigeria’s budget size remains small relative to its economic scale, stressing prudent and strategic utilization of public funds. He also addressed concerns over the recent Capital Gains Tax increase from 5% to 30%, noting stakeholder reservations compared to the global average of roughly 15%.

Senate President Godswill Akpabio conducted a voice vote that overwhelmingly confirmed Oyedele’s appointment.

The confirmation is expected to bolster the government’s fiscal and tax reform agenda, enhancing revenue mobilization, infrastructure development, and overall economic stability.