The Federal Government has moved to allay public fears surrounding the implementation of new tax laws set to commence on January 1, 2026, clarifying that Nigerians’ bank accounts will not be automatically debited under the new regime.
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, explained that the reforms are built around a self-declaration system, rather than direct deductions or the monitoring of personal bank transactions. He gave the clarification during an appearance on Channels Television’s end-of-year programme, 2025 In Retrospect: Charting a Pathway to 2026.
Oyedele dismissed widespread speculation that government agencies would begin tracking or debiting citizens’ accounts, describing such claims as unfounded. He noted that regardless of the volume of transactions carried out by individuals, taxpayers would only be required to declare their income at the end of the tax year.
Under the new framework, he said, individuals would clearly state what constitutes their taxable income and remit the appropriate tax accordingly. Those eligible for tax exemptions would also be able to declare their status without difficulty. Oyedele stressed that the entire process had been designed to be straightforward, transparent and easy to comply with.
He further explained that the reforms are aimed at correcting imbalances in the existing tax system, particularly its impact on small business owners and low-income earners. According to him, the new structure introduces a more progressive approach that prevents vulnerable groups from bearing a disproportionate tax burden.
Meanwhile, President Bola Tinubu has reaffirmed that the rollout of the new tax laws, including those signed into law on June 26, 2025, and others scheduled for January 1, 2026, will proceed without delay. The President described the reforms as a rare opportunity to establish a fair, competitive and resilient fiscal framework for the country.
Tinubu clarified that the reforms are not intended to increase taxes, but to reset the system, harmonise existing policies, protect citizens’ dignity and strengthen trust between the government and the people. He also urged stakeholders to support the implementation process, noting that the reform agenda has entered a decisive delivery phase and that no significant obstacles have been identified to warrant any suspension.
