By Boluwatife Oshadiya | March 11, 2026
Key Points
- Senate confirms Taiwo Oyedele as Minister of State for Finance after screening session
- Oyedele proposes forward crude sales strategy to stabilise government revenues and fuel prices
- Fiscal policy expert previously chaired Nigeria’s Presidential Committee on Fiscal Policy and Tax Reforms
Main Story
The Nigerian Senate on Wednesday confirmed the appointment of Taiwo Oyedele as Minister of State for Finance following an extensive screening session in Abuja that focused on fiscal policy, revenue generation, and economic stability.
The confirmation came after nearly three hours of questioning by senators across party lines, during which Oyedele outlined proposals aimed at strengthening government finances and stabilising Nigeria’s volatile revenue base.
During the session, Oyedele proposed the use of forward crude sales as a fiscal strategy to protect the federal budget from sudden swings in global oil prices.
“One strategy used in several countries is selling crude forward. Nigeria can lock in a price for a portion of our crude for a period of time. That would guarantee budget financing and also give Nigerians stability, so prices are not fluctuating the way we have seen in recent days,” Oyedele said.
He also addressed the long-standing issue of delayed payments to government contractors, warning that irregular payments create a “trust deficit premium” that inflates project costs.
According to him, contracts awarded without guaranteed funding often become significantly more expensive as contractors factor in the risk of delayed payments.
Oyedele further urged the government to broaden its revenue sources beyond taxation and oil exports, highlighting Nigeria’s underdeveloped solid minerals sector as a potential revenue driver.
“For many years as a country, we have disproportionately focused on taxation and oil and gas, and that has taken our attention away from other areas where we can generate revenue,” he said.
The newly confirmed minister also stressed the importance of realistic budgeting and stronger fiscal discipline, noting that nearly half of Nigeria’s federal and state budgets are currently financed through deficits.
“Looking at Nigeria’s budgets over the past five years, many appeared too ambitious compared to the revenue. We were focusing on expenditure without paying enough attention to the revenue side,” he said.
President Bola Tinubu had earlier nominated Oyedele to the position, replacing Doris Uzoka-Anite, who was redeployed to the Ministry of Budget and National Planning as Minister of State. The nomination was transmitted to the Senate in a letter read during plenary by Senate President Godswill Akpabio.
Before his ministerial nomination, Oyedele served as chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, where he led efforts to overhaul Nigeria’s tax system and improve revenue administration.
What’s Being Said
“If the government gets more revenue because subsidy has been removed, it is actually a transfer from the people to the government. The only way we can make that sacrifice worthwhile is to spend that money in areas of priority for the people,” Oyedele said during the screening.
“Those priorities can be as basic as roads from the farm to the warehouse, to the factory, and to the markets. When that happens, people see the impact almost immediately,” he added.
Senate President Godswill Akpabio praised President Tinubu’s choice following the confirmation vote.
“The President has appointed someone with the necessary expertise for the job — a square peg in a round hole,” Akpabio said.
What’s Next
- Oyedele is expected to be sworn in as Minister of State for Finance and join the Federal Executive Council in the coming days
- The finance ministry is expected to coordinate closely with the Presidential Fiscal Policy and Tax Reform implementation team to roll out new tax frameworks
- Fiscal policy proposals related to solid minerals development and revenue diversification may be presented to the National Assembly in the coming months
