The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has, in a fresh statement, dismissed claims that Nigerians’ bank accounts will be frozen or automatically debited from January 2026, describing such reports as false, misleading and intended to create panic.
Naijaonpoint reports that Oyedele gave the reassurance in a post shared on his official 𝕏 (formerly Twitter) handle on Tuesday, amid growing concerns over the implementation of recently enacted tax reform laws.
“Don’t let anyone manipulate you. Your bank account is safe,” Oyedele wrote.
He warned that misinformation was deliberately being spread to cause fear and undermine reforms aimed at improving Nigeria’s fiscal system.
“Misinformation makes you panic and fear a reform that is designed to help you. When they tell you that your account will be frozen or automatically debited from January 2026, ask them for the evidence in the new law. Be wise,” he added.
Oyedele stressed that no section of the new tax laws authorises the freezing of bank accounts or automatic deductions, insisting that such claims have no legal backing.
According to him, the rumours form part of widespread misinformation surrounding recent tax and financial reforms being introduced by the Federal Government.
“There is nothing in the law that empowers anyone to freeze your account,” he maintained, urging Nigerians to remain calm and seek clarification from credible sources.
Oyedele had earlier addressed allegations that the tax reform bills, which are scheduled to take effect on January 1, 2026, were secretly altered after being passed by the National Assembly.
Reacting to the controversy, Oyedele explained that many of the provisions being criticised are not new introductions, but long-standing requirements under existing legislation.
TIN Requirement Not New
Clarifying further, Oyedele noted that the requirement for the use of a Tax Identification Number (TIN) for certain financial and commercial transactions has been in existence for years.
He said similar provisions were already contained in previous laws, including the Finance Act of 2019, adding that the new tax laws merely strengthen existing frameworks rather than introduce punitive measures.
“The reforms do not introduce automatic deductions or restrictions on bank accounts,” he explained.
Oyedele urged Nigerians to verify information from official government sources and to disregard unverified claims circulating on social media.
He cautioned that spreading false information could erode public trust and derail reforms designed to improve transparency, efficiency, and fairness in the tax system.
“Ignore unsubstantiated claims designed to create panic and fear,” he advised.