The Federal Government has clarified that the new tax reforms will be based on self-declaration, assuring Nigerians that personal bank accounts will not be monitored or debited based on transfer descriptions.
Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, made the statement during Channels Television’s end-of-year special on Tuesday.
Oyedele explained that ordinary bank users have nothing to fear regarding how they describe their transactions. “Any amount of money you transfer, whether it’s $1 billion or $1,000, it doesn’t matter how you describe it. Nobody will debit your bank account. At the end of the year, you tell the government yourself,” he said.
He further highlighted that the reformed tax system emphasizes transparency and voluntary compliance. According to him, the reforms are designed to simplify tax reporting, protect small earners, and ensure a progressive system that benefits all Nigerians.
“For small business owners, this is one of the biggest advantages of the new tax reform,” Oyedele noted, stressing that the government intends to make tax obligations easier and fairer for everyone.
The clarification comes amid public concerns that new tax laws could lead to intrusive monitoring of bank accounts. Officials maintain that the system relies on honesty, with taxpayers self-declaring their income to determine tax liabilities.
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