The Chairman of the Presidential Committee on Fiscal Coverage and Tax Reforms, Mr Taiwo Oyedele, has assured Nigerians that the brand new tax legal guidelines scheduled to take impact on January 1, 2026, won’t contain computerized deductions from private financial institution accounts, because the reforms are based mostly on self-declaration fairly than direct debits.
The peace of mind was given throughout Channels Tv’s end-of-year programme, 2025 In Retrospect: Charting a Pathway to 2026, aired on Tuesday.
Oyedele dismissed claims that the federal government would monitor or debit particular person financial institution accounts, stressing that taxpayers would solely be required to declare their revenue on the finish of the tax 12 months.
“Folks assume that the federal government will debit their financial institution accounts from subsequent 12 months, and the way they even got here up with that, I don’t know. No person will debit your account for any quantity you switch. Whether or not it’s a billion or one thousand naira, on the finish of the 12 months, you inform the federal government your self,” he stated.
He defined that the reform framework was designed to be easy, clear and honest, particularly for small enterprise homeowners and people incomes modest incomes.
“You understand what constitutes your revenue and what doesn’t. So that you inform the federal government: ‘That is my revenue and right here is the tax.’ In case you are exempted, you merely declare: ‘That is my revenue, and I’m exempted from tax.’ It’s a quite simple course of that we’re simplifying additional.
“One of many greatest advantages is that should you run a small enterprise as a sole proprietor, an enterprise, or you might be simply hustling, the system will now not be regressive, taxing the susceptible extra. We’ve made it progressive,” he stated.
In the meantime, PUNCH On-line had earlier reported that President Bola Tinubu stated the implementation of the new tax legal guidelines, together with these enacted on June 26, 2025, and others scheduled to start on January 1, 2026, would proceed as deliberate.
The President stated the reforms symbolize “a once-in-a-generation alternative to construct a good, aggressive, and sturdy fiscal basis” for the nation, clarifying that the legal guidelines will not be supposed to lift taxes however to assist a structural reset, promote harmonisation, and defend dignity whereas strengthening the social contract.
Tinubu urged stakeholders to assist the implementation section, which he stated is now “firmly within the supply stage,” including that no substantial concern has been recognized to warrant disrupting the reform course of.
