Tax laws: FG won’t debit your account – Taiwo Oyedele

Nigerians have been assured by the federal government that the new tax laws set to be implemented on January 1, 2026, will not involve automatic debits from personal bank accounts.

Speaking on Channels Television’s 2025 In Retrospect: Charting a Pathway to 2026, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, said individuals do not need to provide explanations for transfers.

While providing clarity on the process, Oyedele emphasised that it is simple and transparent.

“People think that the government will debit their bank accounts from next year, and how they even came up with that, I have no idea.

“Nobody will debit your account for any amount you transfer. Whether it’s a billion or one thousand naira, at the end of the year, you tell the government yourself,” he stated.

“You know what constitutes your income and what doesn’t. So you tell the government: ‘This is my income and here is the tax.’

“If you are exempted, you simply declare: ‘This is my income, and I am exempted from tax.’ It is a very simple process that we are simplifying further.

“One of the biggest benefits is that if you run a small business as a sole proprietor, an enterprise, or you are just hustling, the system will no longer be regressive, taxing the vulnerable more. We’ve made it progressive,” Oyedele added.

Source: The Sun