President has sworn in as Minister of State for Finance at the in Abuja.

The ceremony took place on Monday afternoon, shortly after the Senate confirmed Oyedele’s appointment through a voice vote following a two-hour screening session. Senate President formally announced the confirmation.

Background and experience

Oyedele, 50, hails from Ikaram, Akoko, in and brings over two decades of experience in fiscal policy and tax administration. He previously served as Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, which overhauled Nigeria’s tax system.

The committee produced four executive bills—, , , and —which consolidated over 60 taxes into fewer than 10 statutes and introduced reforms such as zero income tax for Nigerians earning N800,000 or less.

These reforms, signed into law by President Tinubu on June 26, 2025, also exempted small businesses with turnovers below N50 million from company income tax, capital gains tax, and withholding tax, while providing incentives for employment and wage growth.

Career and education

Before joining the tax reform committee, Oyedele spent 22 years at , rising to Fiscal Policy Partner and Africa Tax Leader. He holds a Higher National Diploma in Accountancy and Finance from and a BSc in Applied Accounting from .

He has also completed executive programs at the , , , and . Oyedele currently serves as a professor at and is a visiting scholar at the .

Transition and remarks

Oyedele succeeds Dr. Doris Uzoka-Anite, who has been redeployed to the Ministry of Budget and National Planning. During his Senate screening, Oyedele described his appointment as a “call to serve at a critical time” for Nigeria’s fiscal management, emphasizing his commitment to economic transformation and fiscal governance.

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PricewaterhouseCoopers Nigeria has said that it estimates that Nigeria holds as much as $900bn worth of dead capital locked up in residential real estate and agricultural land.

The multinational professional services network stated this in a new report titled ‘Nigeria Economic Outlook: Seven trends that will shape  the Nigerian economy in 2024.

It noted that the dead capital in the country included the Federal Government’s abandoned property estimated at N230bn.

According to the report, Nigeria’s housing deficit is estimated at 28 million units while the population is expected to reach 223.8 million this year.

Despite the huge housing deficit, it noted that demand for housing remained depressed due to high rental and construction costs and declining disposable incomes.

It read in part, “PwC estimates that Nigeria holds as much as $900bn worth of dead capital locked up in residential real estate and agricultural land, including Federal Government’s abandoned properties estimated at N230bn.”

READ ALSO: Real Estate Experts Lament Economic Downturn, Call for Government Intervention and Affordable Housing Solutions

Dead capital refers to assets or property that cannot be easily converted into productive use, often due to legal or institutional barriers.

In Nigeria, many property have undocumented or informal land titles, making it difficult for owners to prove their ownership and fully utilise the value of their assets.

This lack of proper documentation hinders access to credit and investment opportunities in the real estate market.

Additionally, bureaucratic procedures, corruption, and inefficient legal frameworks contribute to the existence of dead capital in Nigeria’s real estate sector.

Those factors make it challenging for property owners to navigate the system and unlock the full economic potential of their assets.

Last October, the Federal Government revealed its plans to unlock over $300bn (earlier estimate) ‘dead’ capital in the housing sector through a series of reforms and collaborations with stakeholders.

The government described the move as part of efforts to enhance investment and finance opportunities for sustainable real estate projects and address the country’s housing deficit.

The announcement was made by the Minister of Housing and Urban Development, Ahmed Dangiwa, during the Capacity Development Conference for Developers in Abuja.

READ ALSO: In 12 Months Abuja’s 2nd Runway will be ready for Operations – Keyamo

He outlined plans to amend the Land Use Act to streamline land administration, as well as reforms to key agencies like the Federal Mortgage Bank of Nigeria and the Federal Housing Authority.

The Minister said, “In alignment with the vision of President Bola Ahmed Tinubu, we are dedicated to creating a conducive environment for increased private sector investment in housing.

“Our objective is to break all institutional, legal, and bureaucratic barriers that have hindered sector growth.”

Source: Punch Newspaper

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