The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has dismissed reports suggesting that Nigerians’ bank accounts will be frozen or automatically debited beginning January 2026, describing such claims as false and misleading.
Oyedele addressed the issue on Tuesday via his official social media handle, warning Nigerians against misinformation surrounding ongoing tax and fiscal reforms. He assured citizens that there is no provision in the newly enacted tax laws that authorises the freezing of bank accounts or automatic deductions.
According to him, the rumours are designed to create unnecessary panic and fear among the public, urging Nigerians to demand evidence from anyone making such claims. He stressed that the reforms are intended to strengthen the country’s financial system and improve governance, not to punish citizens.
The committee chairman also clarified concerns that the tax reform laws, scheduled to take effect on January 1, 2026, were secretly altered after being passed by the National Assembly. He explained that requirements such as the use of a Tax Identification Number (TIN) for certain financial transactions are not new, noting that similar provisions already existed under previous legislation, including the Finance Act of 2019.
Oyedele said the new laws merely reinforce existing frameworks and do not introduce automatic account restrictions or unauthorised deductions.
He urged Nigerians to rely on verified information from official government channels and to disregard unsubstantiated claims aimed at undermining public confidence in the reforms.
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