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Senate confirms Taiwo Oyedele as minister of state for finance

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The senate has confirmed the nomination of Taiwo Oyedele as minister of state for finance.

The confirmation followed a screening session during which the tax expert pledged to pursue fiscal reforms aimed at improving government revenue, ensuring realistic budgeting, and strengthening Nigeria’s economic management framework.

Oyedele, former chairman of the presidential fiscal policy and tax reforms committee, was confirmed after lawmakers expressed confidence in his competence and experience.

He is expected to replace Doris Uzoka-Anite as minister of state for finance.

During the screening, he described his nomination as an opportunity to serve the country, adding that he built a career in the private sector before advising the federal government on fiscal reforms.

Oyedele highlighted his career at PricewaterhouseCoopers (PwC), where he served as Africa tax and policy leader with responsibility for more than 20 countries.

He said his work on international tax policy and economic reforms across more than 180 countries prepared him to contribute to Nigeria’s economic transformation.

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Speaking on his duty as the chairman of the presidential committee on fiscal policy and tax reforms, Oyedele said “in the past two and a half years, we have been able to work on various reform initiatives”.

He said the initiatives included four major tax reform laws recently passed by the national assembly and commended lawmakers for their support, noting that the reforms would modernise Nigeria’s fiscal framework and improve revenue generation.

Oyedele said the committee also worked on initiatives to increase revenue from government assets, government-owned enterprises, investments and improvement in the efficiency of public spending.

However, Oyedele said public trust in government spending remains a major concern.

“One of the most frequent questions Nigerians ask is that when they pay taxes, what assurance do they have that the money will be used for the right purpose,” he said.

Oyedele described the concern as legitimate noting that it must be addressed by the government.

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Responding to a question by Jibrin Barau, deputy senate president, on low revenue from the solid minerals sector, Oyedele said Nigeria has focused too heavily on taxation and oil and gas.

He cited the example of the Nigeria liquefied natural gas (NLNG) project, where legislative backing helped restore investor confidence and enabled expansion.

He said a similar approach could be adopted in the solid minerals industry, adding that the ministry of finance would collaborate with the ministry of solid minerals development to create a favourable policy environment for investors.

On the challenge of poor implementation of capital projects, Oyedele said Nigeria’s budgets have often been overly ambitious compared to available revenue.

He said federal and state governments currently finance nearly half of their budgets through deficit borrowing.

He also compared Nigeria’s revenue with that of five other leading African economies, noting that despite earning more than them, the country’s fiscal deficit remains higher.

Oyedele described the situation as unsustainable.

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He proposed a comprehensive review of government finances, including a status analysis of domestic arrears owed to contractors.

Oyedele said the government must determine how much it owes contractors and develop a realistic plan to settle the obligations.

He said improved cash management and fiscal discipline are necessary to ensure that projects are adequately funded and completed.

Oyedele said delays in payment to contractors increase project costs and undermine trust in government.

“When contractors are not paid on time, they build the risk into future contracts, which ultimately increases the cost of projects for government,” he said.

He also emphasised the need to align fiscal policy with Nigeria’s industrialisation goals, adding that existing tariff structures sometimes discourage local production by imposing higher duties on raw materials than on finished goods.

Oyedele said correcting such distortions would encourage manufacturing, create jobs, and reduce reliance on imports.

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Roll up sleeves, make changes wherever you can, Obama tells Democrats after party’s historic win

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Former US President Barack Obama has called on Democrats to use their control of Congress to make changes and lay the groundwork for the future.

Democrats won full control of the US Congress in a sweeping mid-term rout Tuesday, with a landslide of upsets that delivered a crushing rebuke of President Donald Trump and his Republican Party.

Obama said the victory was a “clear message” from the American people.

“They want a politics that brings people together rather than divides them, and leaders who offer concrete solutions to the challenges they face,” he said.

Obama threw his political weight behind Democrats in key battleground states, rallying voters to rein in Trump and casting the mid-terms as a crucial chance to curb his administration’s excesses.

“These results were only possible because outstanding candidates stepped forward in every region of the country — including in areas once considered long shots,” Obama said in a statement.

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“They came from different backgrounds and represented a range of political perspectives, but were united by shared values, a belief in public service, and a commitment to putting the people of their districts and states first.”

Obama noted that the Trump administration has another two years in office, “our job now is to roll up our sleeves, make changes wherever we have the power to do so, prevent further damage, and lay the groundwork for the future”.

Trump watched returns come in from the White House East Room, where the mood was described as tense.

He was silent on Truth Social for three hours Tuesday night as Democrats kept flipping seats blue.

He later posted: “I wasn’t on the Ballot and if I was, we would have won IN A LANDSLIDE! Thank you for your attention to this matter.”

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Good morning! Nigerian Newspapers Headlines: Obi campaign: OK Movement tackles NDC, Obidients

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1. A fresh disagreement has emerged within the political groups backing Peter Obi’s 2027 presidential ambition, as the United Kingdom Coordinator of the OK Movement, Adebayo Brown, accused leaders of the Nigeria Democratic Congress Presidential Campaign Council and the Obidient Movement of fuelling divisions among supporters.

The accusation followed a disagreement over claims that Obi, the NDC presidential candidate, and his running mate, Rabiu Kwankwaso, had dissociated themselves from the OK Movement.

2. Southwest All Progressives Congress (APC) leaders yesterday resolved to mobilise the six states to give an overwhelming number of votes to President Bola Ahmed Tinubu in the January 16  election. The leaders, who met in Lagos, decided to work assiduously to deliver votes that will surpass what the President got in the 2023 election i

3. The Economic and Financial Crimes Commission has uncovered an illegal oil refinery allegedly operated by Chinese nationals in the Ogere area of Ogun State. The commission said the facility was discovered on Saturday, October 31, 2026, by operatives of its Lagos Zonal Directorate 2 following intelligence and surveillance on the activities of illegal sludge oil refiners.

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4. The National Youth Service Corps has identified four irregularities in a certificate linked to former Minister of Innovation, Science and Technology, Uche Nnaji, insisting that the document was not issued by the corps. An Assistant Director in the NYSC Department of Certification, Yusuf Jumare, disclosed this on Tuesday while testifying as the second prosecution witness in the alleged certificate forgery and money laundering case against Nnaji before the Federal High Court in Abuja.

5. The National Assembly is set to transmit the proposed State Police Bill to President Bola Tinubu for assent after completing the authentication of approvals secured from 28 state Houses of Assembly. The Clerk to the National Assembly, Kamoru Ogunlana, disclosed this in a statement on Tuesday, confirming that the number of state legislatures that had approved the proposed constitutional amendment exceeded the constitutionally required threshold of 24 states.

6. The Ondo State Police Command has uncovered a suspected counterfeit currency production site in Odigbo Local Government Area of the state, arresting one suspect and recovering three bags of suspected fake United States dollar notes. The command said the operation took place on October 29 at Kiniso Village, via Ajue, following investigations into a complaint by a man who allegedly received counterfeit dollars from two men during a currency exchange transaction.

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7. The Department of State Services, DSS, has dismissed allegations by former Vice President and African Democratic Congress, ADC, presidential candidate, Atiku Abubakar, that it is organising protests to disrupt political activities in Sokoto State. The Service said its operatives had been providing security protection to political candidates across party lines, citing the evacuation of the ADC governorship candidate in Sokoto State, Mannir Daniya, during an attack on October 31, 2026.

8. The African Democratic Congress has kept the venue of its presidential campaign rally in Sokoto State secret ahead of Wednesday’s kickoff, citing security concerns amid allegations of attempts to disrupt the event. The party said it was taking precautionary measures to avoid being caught unawares, following reports of a possible plot to frustrate the rally scheduled for November 4.

9. The Lagos State Police Command has uncovered a suspected high-tech indoor cannabis farm at a residential property in Apapa, Lagos State, arresting a Polish national and a Nigerian in connection with the discovery. It was learnt that the suspects were identified as Thomas Razvickas, 49, a Polish national, and James Chisome, 36, a Nigerian. Both reportedly reside at the property where the facility was discovered.

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10. The Director-General of the Department of State Services, DSS, Oluwatosin Adeola Ajayi has set free and approved an initial payment of N20 million to four suspects, out of which each suspect is to receive five million Naira as compensation after being cleared of alleged membership of the proscribed Indigenous People of Biafra, IPOB.

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Tinubu deserves credit for bringing Nigeria back from the brink, says Emir Sanusi 

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The Emir of Kano, Muhammadu Sanusi II, has said that President Bola Tinubu deserves credit for bringing Nigeria’s economy back from the brink, citing improvements in economic growth, inflation, foreign reserves, and export diversification.

Emir Sanusi, who gave the commendation while speaking on Tuesday at the Oxford Global Think Tank conference convened by Arunma Oteh, said the country is beginning to lay the foundations for economic stability, although significant challenges remain.

“I’m not a fan of politicians, but we need to give credit to President Tinubu’s administration for bringing us back from the brink,” he said.

Sanusi, a former Central Bank of Nigeria (CBN) governor, said the economy grew by 4.48 percent in the second quarter (Q2) of 2026, describing the performance as progress compared with the average growth recorded during the administration of former President Muhammadu Buhari.

“GDP in Q2 2026 was at 4.48 percent. It’s not as high as it was under the Yar’Adua/Jonathan government, but during the Buhari years, the economy grew by 0.9 percent. Today it’s at 4.5 percent. That’s progress,” he said.

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Sanusi also noted the decline in inflation from about 30 percent to 14.6 percent, adding that it was projected to fall to 12.5 percent by the end of the year.

He said Nigeria’s gross domestic product (GDP) per capita, measured in dollar terms, had increased by 47 percent since 2023.

According to the emir, “If we continue at this rate, by the end of next year, GDP per capita will be back to where it was in 2005”.

He also cited the country’s foreign reserves, which he put at $55 billion, but cautioned that a significant portion of the inflows was driven by foreign portfolio investments (FPI), which are volatile.

He attributed the continued inflows partly to high oil prices amid the war in the Strait of Hormuz and the attractive returns available to investors in Nigeria.

“Our reserves are at $55 billion, and yes, a lot of it is driven by portfolio flows, which are volatile,” he said.

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He said high oil prices and returns on Nigerian investments have encouraged foreign investors to maintain their exposure to the country.

On diversification, Sanusi said “20 percent of Nigeria’s exports were coming from the Dangote refinery”, describing the development as evidence of progress beyond the country’s traditional export sources.

“There are clearly foundations being laid for stability. It’s not the end, but the first step towards stability,” he said.

The emir, however, criticised the Tinubu administration’s communication of its economic policies, saying the government appeared to interpret criticism and suggestions as attacks.

“This government doesn’t express itself properly. It sees every suggestion and contribution it does not like as an attack, and it doesn’t have good spokespersons,” he said.

Despite his reservations about the government’s communication, Sanusi said the administration deserved recognition for the economic gains recorded so far.

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