The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has assured Nigerians that the new tax laws set to take effect on January 1st, 2026, will not allow government agencies to monitor or make automatic deductions from personal bank accounts, adding that the reforms are based strictly on self-declaration of income by taxpayers.
Oyedele gave the clarification on Tuesday on a National television, In Retrospect: Charting a Pathway to 2026, dismissing claims that bank transactions would be tracked or debited.
He also explained that individuals would only be required to declare their income at the end of the tax year, stating that the system is designed to be simple, transparent and fair, particularly for low-income earners and small business owners.
He further added that the reforms aim to replace a regressive structure with a progressive one that does not overburden vulnerable citizens.
The assurance however comes amid the Federal Government’s resolve to proceed with the tax reforms as scheduled.