Taiwo Oyedele, who chairs the Presidential Fiscal Policy and Tax Reforms Committee, has assured Nigerians that the country’s incoming tax legislation will not permit authorities to withdraw funds directly from citizens’ bank accounts, explaining that the system will instead operate on self-reported income declarations.
Speaking in a television interview excerpt posted to his X account on Wednesday, Oyedele outlined the mechanics of the proposed tax framework, identified who must pay, and detailed protections built in for small enterprises and economically vulnerable citizens.
“Your account remains untouched—whether you transfer one billion naira or one thousand, regardless of the transaction description, no deductions will occur,” Oyedele stated. “When the year ends, you simply inform the government yourself. You understand which amounts constitute income and which don’t. You declare your earnings and remit the corresponding tax.”