Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has dismissed claims that government plans to deduct money directly from Nigerians’ bank accounts, describing the reports as “false, dangerous and capable of destabilising the economy.”
Speaking at a media workshop on the consolidated tax law, he said the rumours, widely circulated on social media, were driven by ignorance and misinformation.
“Let me say this clearly: nobody — not FIRS, not CBN, not any government agency — has the power to debit your bank account,” Oyedele said. He explained that recovery of unpaid taxes can only occur through a court-ordered garnishee, stressing that the process involves assessments, notifications, objections and a judge’s approval. “Without that, nobody can touch your account,” he added.
Oyedele also clarified that the reform does not introduce new transaction reporting powers, noting that the Finance Act 2020 already required business accounts to have a TIN. He said the new law raises the reporting threshold from ₦10m to ₦25m, adding, “98 percent of bank accounts in Nigeria have less than ₦500,000.” He warned that panic withdrawals could harm the economy.