Writing by Bashir Mayere; Editing by Basirat Memudu
The Senate has confirmed the nomination of Mr. Taiwo Oyedele for appointment as Minister of the Federal Republic of Nigeria.
Before his nomination by President Bola Ahmed Tinubu, Mr Taiwo was the senior assistant to Mr President on Tax reforms bills thereby championing the tax bills recently passed by the National Assembly and endorsed by the President.
His confirmation followed hours of rigorous questioning by Senators across party lines on security, economic and financial issues that affect the socio economic development of Nigerians.
Responding on some of the questions, Taiwo Oyedele proposed that crude oil sales could help boost the economy, stabilise government revenues, and provide more predictable fuel pricing for the country.
He further explained that by locking in prices for a portion of Nigeria’s crude production, the government could guarantee budget financing and reduce the impact of sudden international oil price swings.
“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.
Speaking on the non-payment of contractors due to limited revenue, Oyedele advocated for awarding contracts according to available funds to prevent compounding problems of payment of initial contract sum a “trust deficit premium.”
He explained that such a premium means that a contract initially costing N1 billion could rise to N2 billion to cover losses caused by delayed government payments.
Addressing Nigeria’s revenue base, Oyedele noted that too much focus has been on taxation and oil and Gas revenues, while other sectors, such as mining, which holds significant revenue potential are neglected.
Oyedele stressed the need for realistic budgeting and proper execution of approved projects, saying when we have budgets, we need to ensure that there is funding behind them and that there are releases so that we can execute them 100 percent if possible — particularly for capital expenditure.
He emphasised the need for prudent government spending to address inflationary pressures and ensure that revenues from subsidy removal directly benefit Nigerians.
Oyedele also expressed confidence that investments in infrastructure linking farms to markets could deliver rapid economic benefits.
In his remarks following Oyedele’s confirmation, Senate President Godswill Akpabio commended President Bola Tinubu for appointing Oyedele describing him as having expertise and suitable for the job.
