Tax Reform:”Your Bank Account is Safe,”Oyedele Reassures Nigerians

​In a move to douse growing public anxiety, Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has categorically stated that the federal government’s new tax regime does not include provisions for automatic debits from personal or business bank accounts.

​Speaking during a Tuesday appearance on Channels Television’s end-of-year special, Oyedele sought to dismantle “misleading narratives” suggesting that the government would monitor and tax every digital transfer.

​Debunking the “Automatic Debit” Myth

​Oyedele emphasized that tax authorities do not possess the capacity—nor the mandate—to monitor every individual transaction. He clarified that whether a Nigerian transfers ₦1,000 or ₦1 billion, no immediate deduction will occur based on the transaction description.

​”Nobody will debit your account,” Oyedele stated. “It doesn’t matter how you describe the transfer. We are moving toward a system that is progressive, not one that harasses the average citizen.”

​He pointed to Nigeria Deposit Insurance Corporation (NDIC) data to highlight the disconnect in current public protests. With 98% of Nigerian bank account holders maintaining balances below ₦500,000, Oyedele argued that the vast majority of people “fighting” the reform are actually the ones the law is designed to protect.

​The Fight Against Misinformation

​The Chairman admitted that the committee underestimated the power of misinformation. He accused high-income earners—specifically citing content creators earning upwards of $10,000 monthly—of manipulating public sentiment to avoid their own tax obligations.

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​”We underestimated how these individuals can manipulate the average person to fight a battle that isn’t theirs,” Oyedele remarked. “They spread fears about bank debits so that the vulnerable will help them resist a reform that would actually make the wealthy pay their fair share.”

​How the New System Works

​According to the proposed reforms, the Nigerian tax system will shift heavily toward self-declaration:

• ​Annual Filing: Taxpayers will declare their income once a year.
• ​Exemptions: Those earning below the taxable threshold will simply declare their status as exempt.
• ​Targeted Enforcement: Enforcement will shift away from the “vulnerable” and focus on high-net-worth individuals who have historically remained outside the tax net.

​President Tinubu Affirms Implementation

​Despite the friction, President Bola Tinubu has confirmed that the implementation of the new tax laws will proceed as scheduled. The Presidency maintains that the reforms are not designed to “increase” the tax burden on the masses, but rather to streamline the existing complex web of taxes into a more efficient, growth-friendly structure.

​The administration’s ultimate goal is to reduce the total number of taxes from over 60 down to a single digit, simplifying the process for small businesses while ensuring the nation’s highest earners contribute proportionately to national development.