The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has attributed growing public anxiety over Nigeria’s new tax reforms to poor awareness and misinformation ahead of their implementation in January 2026.
Oyedele spoke to journalists at the weekend, explaining that many Nigerians are only now discovering provisions that have long existed in the country’s tax laws.
According to him, much of the information currently causing panic — including requirements around Tax Identification Numbers (TIN), taxpayer records, and banks’ monthly reporting obligations — is already contained in the Finance Act of 2020.
“Because the level of tax awareness in Nigeria is very low, people are finding out so many things for the first time,” Oyedele said. “They assume these provisions are being introduced by the new tax law, but that is not the case.”
He dismissed fears that government agencies or banks could arbitrarily withdraw money from individuals’ accounts under the new regime, stressing that such actions are not supported by law.
“Even if you have ₦1 billion in your account, nobody can just debit it,” he said. “There is a laid-down process — tax authorities must write to you, assessments are done, responses are exchanged, and disputes can go to court. It is a long and structured process.”
Oyedele further explained that the law provides for what is known as “power of substitution,” similar to a garnishee order in some jurisdictions, but noted that it can only be applied after due legal procedures.
His comments come amid uncertainty surrounding the January 2026 implementation of the Nigeria Tax Administration Act 2025. Oyedele recently clarified that taxable Nigerians are required to possess a tax identification number to operate bank accounts, a requirement that has sparked public debate.
He urged Nigerians to seek accurate information and engage constructively with tax authorities, noting that the reforms are designed to improve transparency and efficiency rather than punish citizens.
