Taiwo Oyedele, chairman of the presidential committee on fiscal policy and tax reforms, has assured Nigerians that the newly introduced tax laws will not lead to automatic debits from bank accounts, regardless of the amount transferred or how transactions are described.
Speaking during a television interview, Oyedele said no tax authority has the capacity to monitor or pursue every bank user, stressing that tax enforcement is typically focused on high-income earners rather than low-income individuals.
He attributed public fears about bank debits to misinformation, arguing that many of those opposing the reforms are not within the income bracket targeted by the policy. According to him, wealthy individuals have manipulated public opinion by spreading false claims to protect their own interests.
Oyedele explained that the reformed tax system is based on self-declaration, requiring taxpayers to disclose their income at the end of the year and pay taxes accordingly. He added that individuals who are exempt from tax would only need to declare their status under the simplified process.
He also noted that the reforms would be implemented as planned, following assurances from President Bola Tinubu that the new tax laws are aimed at creating a fair and progressive fiscal system, not at increasing the tax burden on ordinary Nigerians.
