The Senate has confirmed the nomination of Taiwo Oyedele as minister of state for finance after a screening in Abuja.
Mr Oyedele’s nomination was forwarded to the Senate by Bola Tinubu.
Lawmakers approved the nomination through a voice vote during plenary presided over by Senate president Godswill Akpabio on Wednesday.
He is expected to replace Doris Uzoka-Anite, who has been moved to the Ministry of Budget and Economic Planning as minister of state.
During the screening, Oyedele said his nomination was an opportunity to serve the country and outlined plans to support fiscal reforms aimed at improving government revenue and strengthening public finance management.
Oyedele earlier served as chairman of the Presidential Committee on Fiscal Policy and Tax Reforms.
He said the committee developed tax reform proposals, including four tax laws recently passed by the National Assembly.
According to him, the committee also worked on ways to increase revenue from government assets, state-owned enterprises and investments while improving the use of public funds.
He said one concern raised by Nigerians is how tax revenue is used by government and added that the issue needs to be addressed.
Lawmakers asked questions on issues including revenue from the solid minerals sector, budget implementation and fiscal policy coordination.
Responding to a question from deputy senate president Jibrin Barau, Oyedele said Nigeria has focused on taxation and oil and gas while other sectors receive less attention.
He said uncertainty in policies has discouraged investment in the solid minerals sector and suggested that clear policies and legislation could encourage investment.
Oyedele said the Ministry of Finance would work with the Federal Ministry of Solid Minerals Development to support policies that encourage investment in the sector.
On capital project implementation, he said government budgets often exceed actual revenue and noted that both federal and state governments rely on borrowing to finance a large part of their budgets.
He proposed a review of government finances and an assessment of arrears owed to contractors.
According to him, government needs to determine how much is owed and develop a plan for payment.
Mr Oyedele said delays in paying contractors increase project costs and affect trust between government and contractors.
He also spoke on the need to align fiscal policy with industrial development, noting that some tariff structures place higher duties on raw materials than on finished products.
According to him, correcting such policies could support local production and reduce reliance on imports.
Oyedele also said fiscal policy should work with monetary policy to address inflation and support economic growth.
He added that revenue from reforms such as fuel subsidy removal could be directed to sectors including infrastructure, health and education.
Speaking after the screening, Senate President Akpabio said the Senate believes Taiwo Oyedele will contribute to economic management.
