The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has dismissed reports suggesting that Nigerians’ bank accounts will be frozen or automatically debited from January 2026, describing the claims as false and misleading.
Oyedele made the clarification in a post on his X handle on Tuesday, amid growing public concern over the implementation of recently enacted tax reform laws.
“Don’t let anyone manipulate you. Your bank account is safe. 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 wrote.
According to him, the rumours form part of widespread misinformation surrounding the new tax and financial reforms, stressing that there is no provision in the laws authorising the freezing of bank accounts or automatic deductions.
Oyedele also addressed claims that the tax reform laws, scheduled to take effect on January 1, 2026, were altered after their passage by the National Assembly. He maintained that key requirements, such as the use of a Tax Identification Number for certain transactions, are not new and have existed under previous legislation, including the Finance Act of 2019.
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He explained that the new laws merely strengthen existing frameworks and do not introduce automatic debits or restrictions on personal bank accounts.
The tax reform laws, signed by President Bola Tinubu, are part of a broader effort to simplify tax administration, expand the tax base and modernise revenue collection.
Oyedele urged Nigerians to rely on information from official sources and to disregard unverified claims capable of creating unnecessary panic.