The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has dismissed reports that Nigerians’ bank accounts will be frozen or automatically debited from January 2026, describing such claims as false, misleading, and intended to create panic.
Oyedele gave the reassurance in a post shared on his official X (formerly Twitter) handle on Tuesday, amid growing public concerns over the implementation of recently enacted tax reform laws.
“Don’t let anyone manipulate you. Your bank account is safe,” he wrote.
He warned that misinformation was deliberately being spread to cause fear and undermine reforms aimed at improving Nigeria’s fiscal system.
“Misinformation makes you panic and fear a reform that is designed to help you. When they tell you that your account will be frozen or automatically debited from January 2026, ask them for the evidence in the new law. Be wise,” he added.
Oyedele stressed that no section of the new tax laws authorises the freezing of bank accounts or automatic deductions, insisting that such claims have no legal backing.
“There is nothing in the law that empowers anyone to freeze your account,” he maintained, urging Nigerians to remain calm and seek clarification from credible sources.
TIN Requirement Not New
Addressing wider concerns, Oyedele explained that many of the provisions being criticised are not new introductions but long-standing requirements under existing legislation.
He noted that the requirement for the use of a Tax Identification Number (TIN) for certain financial and commercial transactions has been in existence since the Finance Act of 2019.
He said the new tax laws, scheduled to take effect on January 1, 2026, merely strengthen existing frameworks rather than introduce punitive measures.
“The reforms do not introduce automatic deductions or restrictions on bank accounts,” he clarified.
Oyedele urged Nigerians to verify information from official government sources and disregard unverified claims circulating on social media.
He cautioned that spreading false information could erode public trust and derail reforms designed to improve transparency, efficiency, and fairness in the tax system.
“Ignore unsubstantiated claims designed to create panic and fear,” he advised.
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