Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has assured Nigerians that the proposed tax reforms will not lead to automatic deductions from personal bank accounts, regardless of transaction amounts or descriptions.
Speaking on Channels Television’s end-of-year special on Tuesday, Oyedele clarified that no tax authority has the capacity to monitor every individual’s bank transactions.
He explained that tax enforcement was typically focused on high-income earners rather than regular bank users.
According to him, “Nobody will debit your account. Any amount of money you transfer, whether it is one billion or one thousand, and no matter how you describe it, nobody will debit your bank account.”
Citing data from the Nigeria Deposit Insurance Corporation (NDIC), Oyedele noted that about 98 percent of bank account holders in Nigeria do not have up to ₦500,000 in their accounts. He said these individuals are not the targets of the reforms.
Oyedele attributed resistance to the tax reforms to widespread misinformation, admitting that the committee underestimated how public opinion could be influenced.
He said the aim of the reforms is to replace a regressive tax system that places a heavier burden on vulnerable citizens with a more progressive framework.
He also accused some high-earning content creators of spreading false narratives to oppose the reforms, claiming they stand to lose financially.
According to Oyedele, some of these individuals had admitted earning significant monthly income but are unwilling to pay taxes.
Oyedele further explained that the reformed tax system will operate on self-declaration, with taxpayers required to declare their income annually, while exempt individuals would only need to confirm their exemption status.
His comments come as President Bola Tinubu reaffirmed that the implementation of the new tax laws will proceed as planned, emphasizing that the reforms are not intended to increase taxes but to ensure fairness and efficiency in the tax system.
