- Tax Reforms: Nigerians Will Declare Income Themselves – Oyedele
- Oyedele addressed what he described as widespread misconceptions
- Oyedele stated that the reforms are aimed at protecting small business owners and informal workers
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has assured Nigerians that the new tax reforms scheduled to take effect on January 1, 2026, will not involve automatic deductions from personal bank accounts.
Eko Hot Blog reports that Oyedele gave the reassurance hours after President Bola Tinubu reaffirmed that the tax reform law would be implemented as scheduled, despite the controversy and public concerns that have trailed the legislation.
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Speaking on Channels Television’s end-of-year programme, 2025 In Retrospect: Charting a Pathway to 2026, Oyedele addressed what he described as widespread misconceptions about the reforms, stressing that the new system is designed to be simple, transparent, and fair.
According to him, the government will not monitor or debit individuals’ bank accounts based on transfers.
“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,” Oyedele said.
“Nobody will debit your account for any amount you transfer. Whether it is one billion naira or one thousand naira, at the end of the year, you tell the government yourself.”
He explained that under the new framework, taxpayers are responsible for declaring their income, noting that exemptions are clearly provided for under the law.
“You know what constitutes your income and what does not. 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.’”
Oyedele further stated that the reforms are aimed at protecting small business owners and informal workers, while ensuring a more equitable tax structure.
“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 have made it progressive,” he said.
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