The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr Taiwo Oyedele, has assured Nigerians that the new tax laws scheduled to take effect on January 1, 2026, will not involve automatic deductions from personal bank accounts, as the reforms are based on self-declaration rather than direct debits. The assurance was given during Channels Television’s end-of-year programme, 2025 In Retrospect: Charting a Pathway to 2026, aired on Tuesday. Oyedele dismissed claims that the government would monitor or debit individual bank accounts, stressing that taxpayers would only be required to declare their income at the end of the tax year. “People think that the government will debit their bank accounts from next year, and how they even came up with that, I have no idea. Meanwhile, PUNCH Online had earlier reported that President Bola Tinubu said the implementation of the new tax laws, including those enacted on June 26, 2025, and others scheduled to commence on January 1, 2026, would proceed as planned.

Source: Punch December 31, 2025 11:26 UTC