Taiwo-Oyedele Tax.webp
The Digest:

Taiwo Oyedele has clarified that the new tax laws will mandate banks to report accounts with a quarterly turnover of N25 million to the tax agency. According to the committee chairman, this raises the reporting threshold from the previous N10 million and is not a new power for authorities.

Key Points:
  • Banks will be required to report accounts with a N25 million quarterly turnover to the tax authority
  • This raises the previous reporting threshold from N10 million to N25 million
  • Oyedele clarified that this is not a new requirement, but a continuation of the 2020 Finance Act
  • He firmly stated that no agency can unilaterally withdraw funds from personal bank accounts
  • The only legal mechanism is a court-issued garnishee order after a lengthy assessment process
  • Oyedele noted that this extreme measure is rarely used in Nigeria
  • The new tax reform laws are set to take effect on January 1, 2026

In a landscape rife with misinformation, a clear official explanation seeks to calm fears, distinguishing between routine financial reporting and the near-mythical power of direct seizure. This clarification roots itself in the need for public trust, assuring citizens that their accounts are safe even as the state seeks to better understand economic activity.

Sources: The Cable.