No Plan to Freeze Bank Accounts Under New Tax Laws — Oyedele Assures Nigerians

…as Presidency Responds to Tax Law Discrepancy Claims.

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has dismissed widespread claims that Nigerians’ bank accounts will be frozen or automatically debited from January 2026, describing the reports as false, misleading, and dangerous.

Oyedele made the clarification in a post on his official X (formerly Twitter) handle on Tuesday, stressing that no provision in the newly signed tax and financial reform laws authorises the freezing or direct debiting of citizens’ bank accounts.

“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.” Oyedele wrote.

He reiterated that neither the Federal Inland Revenue Service (FIRS), the Central Bank of Nigeria (CBN), nor any government agency has the legal power to deduct money directly from personal bank accounts.

Speaking earlier at a media workshop on the new consolidated tax law held on December 13, Oyedele described the viral warnings on social media as products of ignorance and deliberate misinformation, warning that such narratives could destabilise the economy.

“Let me say this clearly: nobody — not FIRS, not CBN, not any government agency — has the power to debit your bank account,” he declared. “Whether you have ₦50,000 or ₦50 million, nobody is taking any money from your account. It is simply not true.”

Presidency Responds to Tax Law Discrepancy Claims

Oyedele also addressed the broader controversy surrounding the newly enacted tax reform laws, urging the National Assembly to investigate allegations of discrepancies between the bills passed by lawmakers and the versions later gazetted.

He spoke on Channels Television’s Morning Brief amid growing calls by former Vice President Atiku Abubakar, Labour Party’s Peter Obi, and several civil society organisations for the suspension of the laws’ implementation.

The controversy followed claims by a member of the House of Representatives, Abdulsamad Dasuki, who alleged that the gazetted tax laws differed from what lawmakers debated and approved, describing the situation as a breach of legislative procedure.

Reacting, Oyedele said such claims could not be verified without access to the official harmonised bills certified by the Clerk of the National Assembly.

He said, “Before you can say there is a difference between what was gazetted and what was passed, we don’t even have what was passed. Only the lawmakers can say authoritatively what they sent to the President.”

He clarified that members of the executive arm, including himself, only had access to the versions presented to President Bola Ahmed Tinubu for assent.

On concerns surrounding a controversial provision in Section 41(8) reportedly requiring a 20 per cent deposit, Oyedele said the clause was not contained in the final gazetted version, explaining that some documents circulating publicly were draft materials prepared before legislative work was concluded.

President Tinubu recently signed four major tax reform bills into law — the Nigeria Tax Act, Nigeria Tax Administration Act, Nigeria Revenue Service (Establishment) Act, and the Joint Revenue Board (Establishment) Act — describing them as the most comprehensive overhaul of Nigeria’s tax system in decades.

The laws are scheduled to take effect on January 1, 2026, with the Federal Government saying the reforms aim to simplify tax compliance, expand the tax base, eliminate multiple taxation, and modernise revenue collection across all tiers of government.