The Senate has confirmed the appointment of Professor Taiwo Oyedele as Minister of State For Finance as nominated by President Bola Ahmed Tinubu. The federal lawmakers made the confirmation after screening, charging him to prioritise economic reforms, improve the ease of doing business and promote local manufacturing.

The confirmation followed deliberations during plenary, where senators examined the nominee’s policy direction and readiness to address Nigeria’s fiscal challenges, including rising public borrowing and weak capital budget performance.

During the session, the Deputy Senate President, Jibrin Barau, urged Oyedele to take into account the country’s vast mineral resources and the persistent underperformance of capital budget implementation in recent years.

Other lawmakers emphasised the need for policies capable of strengthening domestic industries and reducing dependence on imports. They also urged the nominee to support initiatives that would improve the business environment and prioritise funding for security agencies through first-line charges to enhance national stability.

Responding to the concerns raised, Oyedele observed that Nigeria’s budget size remained disproportionately small relative to the scale of its economy, stressing the need for deliberate and prudent utilisation of public resources.

The nominee also addressed concerns over the recent adjustment of Capital Gains Tax, noting that stakeholders had expressed reservations about the increase from five per cent to 30 per cent, compared to an average of about 15 per cent globally.

Following deliberations, Akpabio put the confirmation to a voice vote, which received overwhelming support from lawmakers, paving the way for Oyedele’s appointment.

The confirmation is expected to reinforce the administration’s ongoing fiscal and tax reform agenda aimed at improving revenue generation, infrastructure development and overall economic stability.