The Federal Government has moved to clarify concerns regarding new tax laws set to take effect from January 1, 2026, assuring citizens that authorities will not monitor or automatically debit personal bank accounts based on transfer descriptions.
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, provided the reassurance during a televised end-of-year special. He emphasized that the reformed system operates on self-declaration.
“There is no tax authority in the world with the capacity to monitor every single person’s bank account,” Oyedele stated. “Any amount of money you transfer… it does not matter how you describe it. Nobody will debit your bank account. At the end of the year, you simply declare your income to the government yourself.”
Addressing Misinformation and Outlining Benefits
Oyedele attributed much of the public opposition to misinformation, suggesting some critics resist paying their fair share. He clarified that the reforms are designed to target higher earners while protecting low-income individuals.
The chairman also highlighted specific benefits for small businesses and sole proprietors, noting the new regime simplifies reporting and reduces the burden of multiple, unclear levies.
He concluded that the overarching goals of the reforms are to streamline tax administration, ensure fairness, and promote transparency, while safeguarding vulnerable earners and small enterprises.
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