Taiwo Oyedele, chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has assured Nigerians that the newly approved tax reforms will not lead to automatic debits from personal bank accounts. Speaking on Channels Televisions end-of-year programme, Oyedele said no tax authority anywhere in the world has the capacity to pursue every bank account holder, stressing that tax enforcement is usually focused on high-income earners rather than low-income individuals. Nobody will debit your account. Any amount of money you transfer, whether it is 1 billion, whether it is 1,000, it doesnt matter how you describe it. Nobody will debit your bank account, he said. Oyedele attributed widespread fears over alleged bank debits to misinformation, arguing that many of those opposing the reforms are not within the income bracket targeted by the policy. The people that are fighting us the most are the people who dont have 1 million in their bank account, he said, citing data from the Nigeria Deposit Insurance Corporation that about 98 percent of bank account holders cannot boast of 500,000 in savings. He said the reform team underestimated how wealthy individuals could influence public opinion by using average Nigerians to oppose changes that primarily affect high earners. We underestimated how these guys can manipulate the average person to fight the fights on their behalf, even against their own interests, Oyedele said, adding that some high-earning content creators deliberately spread false narratives to avoid paying taxes. According to him, the reformed tax system is based on self-declaration, requiring individuals to disclose their income at the end of the year and pay taxes accordingly. Those exempt from tax, he said, would only need to declare their status, as the process has been simplified to encourage compliance. Oyedeles comments followed confirmation by Bola Tinubu that implementation of the new tax laws would proceed as scheduled, despite public concerns over alleged post-legislative alterations. The president said there was no substantial reason to halt the reforms, describing them as a once-in-a-generation opportunity to build a fair, competitive and robust fiscal system. He added that the reforms were not designed to raise taxes but to create a more equitable framework for revenue generation..
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