Olusegun Ariyo
Contents
Taiwo Oyedele, chairman of the presidential fiscal policy and tax reforms committee, said lack of adequate awareness is the reason Nigerians are panicking over the country’s new tax reforms ahead of the January 2026 implementation.He made this known to the media during the weekend, saying that Nigerians are finding out about so many things for the first time.According to him, the bulk of information made public on the Tax Identification Number, the Taxpayer Identification Number, the monthly report required by the bank on individuals’ accounts, and others are contained in the 2020 Finance Act.“But because the level of tax awareness in Nigeria is so poor, people are finding out so many things for the first time.“They just assume that the new tax law is introducing them. This one is actually not,” Oyedele said.He clarified that no bank or any government or private authority has the power to withdraw money arbitrarily from individuals’ accounts.“Even if you have N1 billion in the account, nobody can debit your bank account. That’s why I took you through the process of, if you’re not paying your taxes, they write to you, you write back, you do a final assessment, it’s conclusive, and then you go to court, and then it’s a long process,” Oyedele said.“No one has the power to debit your account. In the law, there is what we call the power of substitution. In some countries, they will say garnishee order,” he said.
Taiwo Oyedele, chairman of the presidential fiscal policy and tax reforms committee, said lack of adequate awareness is the reason Nigerians are panicking over the country’s new tax reforms ahead of the January 2026 implementation.
He made this known to the media during the weekend, saying that Nigerians are finding out about so many things for the first time.
According to him, the bulk of information made public on the Tax Identification Number, the Taxpayer Identification Number, the monthly report required by the bank on individuals’ accounts, and others are contained in the 2020 Finance Act.
“But because the level of tax awareness in Nigeria is so poor, people are finding out so many things for the first time.
“They just assume that the new tax law is introducing them. This one is actually not,” Oyedele said.
He clarified that no bank or any government or private authority has the power to withdraw money arbitrarily from individuals’ accounts.
“Even if you have N1 billion in the account, nobody can debit your bank account. That’s why I took you through the process of, if you’re not paying your taxes, they write to you, you write back, you do a final assessment, it’s conclusive, and then you go to court, and then it’s a long process,” Oyedele said.
“No one has the power to debit your account. In the law, there is what we call the power of substitution. In some countries, they will say garnishee order,” he said.
His clarification comes amid uncertainty ahead of the January 2026 implementation of the 2025 Nigeria Tax Administration Act.
