Tax Reform Update: No One Is Touching Your Bank Account — Oyedele Reassures Nigerians

Amid growing fear and viral claims on social media, the Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has assured Nigerians that the new tax reforms do not give the government power to deduct money from personal bank accounts.

Speaking at a media workshop on the consolidated tax law, Oyedele described the rumours as false, misleading, and dangerous, warning that such misinformation could trigger unnecessary panic and harm the economy.

According to him, no government agency including FIRS, CBN, or any authority can debit your bank account directly, regardless of how much money you have.

He explained that the only legal way unpaid taxes can be recovered is through a court-approved process known as a garnishee order, which involves:

Tax assessment

Official notification

Opportunity to object

Court proceedings

A judge’s approval

Without this process, he stressed, no money can be taken from any account.

Oyedele also clarified confusion around bank transaction reporting. He said:

The rule requiring business accounts to have a TIN has existed since 2020

The new reform actually raises the reporting threshold from ₦10 million to ₦25 million

About 98% of Nigerian bank accounts, most holding under ₦500,000, are not affected at all

He warned Nigerians against rushing to withdraw their money out of fear, saying panic-driven withdrawals could damage the economy more than the tax reform itself.

According to Oyedele, the goal of the reform is to:

Simplify tax compliance

Reduce double taxation

Protect households and small businesses

Support economic recovery

He added that government agencies are rolling out simple explanations and translations of the new tax law to help Nigerians better understand the changes.

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