Taiwo Oyedele, Chairman of Presidential Committee on Fiscal Policy and Tax Reforms, has reassured Nigerians that the newly introduced tax laws will not permit automatic deductions from personal bank accounts.
Gatekeepers News reports that Oyedele said the reforms do not empower any tax authority to debit citizens’ accounts based on transfers, balances, or transaction descriptions.
He gave the assurance while speaking on Channels Television’s end-of-year programme on Tuesday, following widespread concerns and online claims that the reforms would allow government agencies to monitor and deduct money directly from bank accounts. He explained that such claims are false and not supported by any provision of the law.
According to him, tax systems across the world do not operate by tracking every bank user, stressing that enforcement efforts are usually directed at high-income earners and corporate entities, not ordinary Nigerians.
Oyedele said, “Nobody will debit your account. Any amount of money you transfer, whether it is 1 billion, whether it is 1,000, it doesn’t matter how you describe it. Nobody will debit your bank account.”
The committee chairman said much of the resistance to the reforms is driven by misinformation, adding that many of those opposing the policy are not even within the income group affected by the changes.
He noted that official data from the Nigeria Deposit Insurance Corporation shows that about 98 percent of bank customers in the country have less than N500,000 in their accounts.
Oyedele argued that the current tax structure places a heavier burden on low-income earners, which the reforms aim to correct by shifting to a more progressive system.
He said wealthy individuals have been able to influence public opinion by spreading fear among average Nigerians. The chairman said, “We underestimated how these guys can manipulate the average person to fight the fights on their behalf, even against their own interests.”
He further explained that the reformed tax framework is based on self-assessment, where individuals are expected to declare their income at the end of the year and pay the appropriate tax.
Oyedele added that people who fall below the taxable threshold or are exempt will only be required to declare their status, noting that the process is being simplified to improve compliance and reduce pressure on citizens.
The clarification comes amid growing public debate over the tax laws recently approved by National Assembly. Despite the concerns, President Bola Ahmed Tinubu has confirmed that the reforms will be implemented as planned.
The President said there was no strong reason to delay the process, describing the reforms as a rare opportunity to create a fairer, more competitive and sustainable fiscal system, while insisting that the changes are not aimed at increasing taxes.
