Taiwo-Oyedele Tax.webp
The Digest:

Taiwo Oyedele, Chairman of the Presidential Tax Reforms Committee, has firmly dismissed fears that the government can directly debit personal bank accounts. According to his statement, such claims are false, dangerous, and could trigger harmful economic panic.

Key Points :
  • Taiwo Oyedele categorically denied rumors that new tax laws allow direct deductions from bank accounts
  • He clarified that only a court-ordered garnishee process can recover unpaid taxes after a lengthy legal procedure
  • The tax reform raises the mandatory reporting threshold from ₦10 million to ₦25 million
  • Oyedele cited NIBSS data showing 98% of Nigerian bank accounts hold less than ₦500,000
  • He warned that panic withdrawals based on false information could damage the economy
  • The reforms aim to simplify compliance and reduce the tax burden on households and small businesses
  • The committee is working with the National Orientation Agency to provide public education in the local language

In an era where misinformation travels faster than policy, a clear official rebuttal seeks to calm a storm of fear, reminding citizens that their financial sovereignty is protected not just by law, but by the deliberate difficulty of breaching it. Trust, once shaken, must be rebuilt with transparency and patience.

Sources: Vanguard Newspaper, Punch