FG Clears Air: New Tax Laws Will Not Monitor or Debit Nigerians’ Bank Accounts

The Federal Government has assured Nigerians that the newly introduced tax reforms will not involve monitoring bank transfer narrations or debiting personal bank accounts.

This clarification was made by Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, during an end-of-year interview on Channels Television.

His statement comes after widespread fear and misinformation online suggesting that the government plans to tax Nigerians directly through their bank transfers.

“No One Is Monitoring Your Bank Transfers” – Oyedele

Speaking during the programme, Oyedele made it clear that there is no system anywhere in the world where tax authorities monitor every individual’s bank transactions.

“There is no tax man in the world that has the capacity to go after everyone,” he said.

He explained that ordinary Nigerians should not worry about how they describe their bank transfers, no matter the amount involved.

“Any amount of money you transfer, whether it’s $1 billion or ₦1,000, it doesn’t matter how you describe it.
Nobody will debit your bank account.”

How the New Tax System Will Work

According to Oyedele, the reformed tax system is based on self-declaration, not forced deductions.

At the end of the year:

• You declare your income yourself
• You pay tax only on what qualifies as income
• If you are exempted, you simply declare and pay nothing

“You know the amount that is your income. You know the one that is not your income.
So you tell the government, this is my income, and here is the tax.”

This means Nigerians are not taxed blindly and no money will be taken from their accounts without consent.

Why Some People Are Opposing the Tax Reforms

Oyedele also addressed the misinformation being spread online, especially by some content creators.

He noted that many of those opposing the reforms are actually high earners who do not want to pay tax.

“There are content creators who admitted they make up to $10,000 a month. They don’t want to pay tax.
So they spread fear that the government will debit your ₦5,000.”

He warned Nigerians to be careful of false narratives designed to stir public anger.

Good News for Small Business Owners

One of the biggest benefits of the new tax reform, according to Oyedele, is for small businesses and sole proprietors.

He explained that:

• Small business owners currently face too many levies and taxes
• Many operate informally without business names
• The reform aims to simplify taxes and reduce pressure on small earners

“If you run a small business, this is one of the biggest benefits of the tax reform.”

Final Thoughts

The Federal Government insists that the tax reforms are meant to:

• Protect low-income earners
• Simplify tax reporting
• Reduce multiple taxes on small businesses
• Make the tax system more fair and progressive

Nigerians have been advised to ignore misleading information and seek facts from reliable sources.

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