December 23, (THEWILL) — The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has assured Nigerians that the newly enacted tax reform laws will neither lead to the freezing of bank accounts nor result in automatic debits.
He dismissed such claims as false and misleading attempts to cause public panic.
Oyedele gave the assurance amid growing misinformation surrounding the implementation of the tax reforms scheduled to take effect from January 1, 2026.
He stressed that no provision in the new laws authorizes the government or any agency to freeze or automatically debit Nigerians’ bank accounts.
In a post on his official X handle on Tuesday, Oyedele urged Nigerians not to be misled by unverified reports.
“Don’t let anyone manipulate you. Your bank account is safe. Misinformation makes you panic and fear a reform that is designed to help you.
“When they tell you that your account will be frozen or automatically debited from January 2026, ask them for the evidence in the new law”, he said.
According to Oyedele, requirements such as the use of a Tax Identification Number (TIN) for certain transactions are not new and have existed under previous legislation, including the Finance Act of 2019.
He noted that the new tax laws only strengthen existing frameworks and improve transparency without introducing automatic deductions.
Oyedele also addressed claims that the tax reform laws were altered after being passed by the National Assembly.
Speaking on Channels Television, he explained that only the National Assembly can authoritatively confirm the final versions of the bills transmitted to the President.
The official harmonised bills certified by the Clerk and sent to the President are not publicly available. Only lawmakers can say authoritatively what was sent, he explained.
He further clarified concerns over a reported controversial provision, Section 41(8), which was said to require a 20 percent deposit on disputed assessments.
According to him, the provision does not appear in the final gazette and was only contained in earlier draft versions circulated prematurely.
“I know that particular provision is not in the final gazette, but it was in the draft gazette. Some people decided they should write the report of the committee before the committee had met”, he added.
THEWILL reports that Oyedele warned that postponing the implementation of the reforms beyond January 1, 2026, would worsen the burden on Nigerian workers and businesses.
He noted that the new laws are intended to provide relief to the bottom 98 percent of workers who currently remain overtaxed.
Rather than suspending the laws, Oyedele advised that any genuine concerns should be addressed transparently to ensure the reforms achieve their goal of simplifying the tax system and boosting the economy.
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