Nigeria’s fiscal decisions are increasingly shaped by global shocks, requiring data-driven policies and swift interventions to manage economic uncertainty, Minister of State for Finance Taiwo Oyedele said.
Speaking at a dinner hosted in his honour by the Association of Chartered Certified Accountants Nigeria, Oyedele said recent disruptions, including the COVID-19 pandemic, the Russia-Ukraine war and tensions in the Middle East, have affected economies worldwide regardless of their direct involvement.
Governments must rely on economic data to determine appropriate responses and ensure policy actions remain sustainable, he said.
“You’re dealing with things that are outside your control. It’s now left to the government to look at what the numbers are saying, what interventions need to be made, how quickly they can be implemented, and whether they are sustainable,” Oyedele said.
He added that while global crises may be unavoidable, policymakers should use lessons from past disruptions to strengthen preparedness, noting that economic shocks are becoming increasingly frequent.
Oyedele said his appointment as Minister of State for Finance would not slow Nigeria’s ongoing tax reforms but instead support their execution.
He said President Bola Tinubu had stressed the need for his ministerial responsibilities to align with and reinforce the reform agenda.
“I hope this new role will not affect the tax reform negatively,” Oyedele quoted the president as saying, adding that the expectation was for the reforms to accelerate rather than stall.
The minister also highlighted the responsibilities associated with public office, urging professionals to contribute to national development and draw a clear distinction between personal interests and public service obligations.
“If you find the opportunity to work in the public sector where one policy can impact millions, you should not lose the opportunity,” he said.
Earlier, ACCA Nigeria Country Head, Tom Isibor, described Oyedele as a professional known for integrity and consistency, noting that his track record in tax advocacy and reform had earned him widespread respect within the financial community.
Chairperson of the ACCA Nigeria Advisory Committee, Rashidat Adebisi, said Oyedele’s transition from critic to reform driver reflects the importance of involving experts in solving national challenges, adding that his contributions have helped move tax reform from discussion to implementation.
Participants at the event highlighted expectations for sustained reforms, transparency and accountability in public finance management, expressing optimism that the minister’s experience in both the private and public sectors would support ongoing efforts.
The dinner brought together members of the accounting profession and public sector stakeholders, many of whom described the appointment as both a recognition of professional competence and a call to greater national service.
