The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has moved to calm public fears, stating unequivocally that the newly approved tax laws will not authorize automatic deductions from personal bank accounts.
Clarifying Misinformation on Bank Debits
Speaking during an end-of-year programme on Channels Television, Oyedele addressed the widespread anxiety head-on. He emphasized that no tax authority globally has the capacity to pursue every single bank account holder. Instead, enforcement efforts are strategically focused on high-income earners, not the average Nigerian with modest savings.
"Nobody will debit your account. Any amount of money you transfer, whether it is 1 billion or 1,000 naira, it doesn't matter. Nobody will debit your bank account," Oyedele stated firmly. He attributed the pervasive fear to a campaign of misinformation, suggesting that many vocal opponents of the reform are not even in the income bracket it aims to target.
Data Reveals Majority Are Not Primary Targets
To support his argument, Oyedele cited revealing data from the Nigeria Deposit Insurance Corporation (NDIC). The figures show that approximately 98 percent of bank account holders in Nigeria do not have up to ₦500,000 in savings. "The people that are fighting us the most are the people who don't have 1 million in their bank account," he observed.
He admitted that his committee underestimated the ability of wealthy individuals to manipulate public sentiment. "We underestimated how these guys can manipulate the average person to fight the fights on their behalf, even against their own interests," Oyedele said. He accused some high-earning content creators of deliberately spreading false narratives to avoid their tax obligations.
How the Reformed Tax System Will Actually Work
The cornerstone of the new framework is self-declaration. According to Oyedele, individuals will be required to disclose their income at the end of the year and pay taxes accordingly. For the vast majority who are exempt from income tax, the process has been simplified to merely declaring their status.
Oyedele's clarifications follow President Bola Tinubu's recent confirmation that the implementation of the new tax laws will proceed as scheduled. The President described the reforms as a once-in-a-generation opportunity to build a fairer and more robust fiscal system, adding that the goal is not to raise taxes but to create a more equitable framework for revenue generation.
The government's message is clear: the reformed tax system is designed for transparency and fairness, with compliance built on trust and declaration, not on forceful, automated deductions from the accounts of ordinary Nigerians.
