The Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele has revealed government’s plans to ensure proper alignment of monetary policy with tax administration
Oyedele stated this in his keynote address at the 2026 Annual Conference of the Finance and Business Online Publishers Association (FiBOP) held at Orchids Hotel, Lekki, Lagos.
According to him, the initiative aims at aligning applicable tax levels, interest and penalty rates with prevailing monetary conditions, while preserving appropriate consequences for non-compliance.
The Minister, who was represented by his Special Assistant on Revenue, Dr. Olufemi Olarinde, said the measure would promote sound public financial management, efficient spending, and initiatives to crowd-in private investment.
Speaking on the theme : Unlocking Nigeria’s economic potential: Taxation, Industry, Insurance and h trade and investment as a catalyst for a $1trillion economy, Oyedele said
“The objective is to lower unnecessary costs, improve access to capital, and create an environment in which businesses can expand, employ more Nigerians, and contribute to the stability of public revenues,” he said.
He noted that tax reform is only one part of a broader economic strategy. “We must expand local manufacturing, process more agricultural produce, develop mineral value chains, and encourage investment in productive industries,” he contended.
“Our businesses need reliable power, efficient logistics, affordable finance, and predictable regulation. Fintech and digitalization can reduce transactional costs, expand financial inclusion, and improve tax administration. Insurance can protect households and businesses against risk, support investment, and mobilize long-term funds,” Oyedele said.
He added that trade facilitation and export development are critical to connecting Nigerian businesses to larger markets across Africa and beyond.
More specifically, he argued that the capital market has been growing year-on-year, a development that Nigeria and the world cannot ignore.
According to him, these sectors reinforce one another: investment expands production, production creates jobs, jobs raise incomes, technology improves efficiency, insurance protects productive assets, and trade expands markets.
Oyedele called on the media to partner with government in driving the reforms.
He urged FiBOP and the wider media community to help explain the critical role of reforms, communicate accurate economic data, and promote informed debate, while warning against sensationalism.
While assuring that government must provide timely information, welcome constructive scrutiny, and explain its decisions transparently, he said the media can help distinguish verified results from speculations and proposed policies from implemented measures.
“Public confidence is strengthened when citizens understand not only what government is doing but why it matters and how progress will be measured,” he said.
Driving his message home, Oyedele said Nigeria’s potential is being converted into productivity, investment and shared prosperity.
“Our task is to maintain policy consistency, mobilize productive investment, improve infrastructure, expand access to finance, strengthen accountability, and measure results,” he concluded.