The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr. Taiwo Oyedele, has dismissed widespread claims that Nigerians’ bank accounts will be frozen or automatically debited from January 2026, describing the reports as false, misleading and intended to stoke unnecessary fear.
Oyedele addressed the growing anxiety in a post on his official X (formerly Twitter) handle on Tuesday, assuring Nigerians that there is no provision in the new tax reform laws that authorises the freezing of personal bank accounts.
“Don’t let anyone manipulate you. Your bank account is safe,” Oyedele wrote. “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 explained that the rumours form part of a broader wave of misinformation surrounding recent fiscal and tax reforms introduced by the Federal Government, stressing that none of the newly enacted laws empowers any authority to impose automatic deductions or account restrictions on citizens.
Oyedele also responded to claims that the tax reform laws, scheduled to take effect on January 1, 2026, were secretly altered after being passed by the National Assembly. He maintained that such allegations were unfounded.
According to him, requirements such as the use of a Tax Identification Number (TIN) for certain financial transactions are not new, noting that similar provisions already existed under earlier legislation, including the Finance Act of 2019.
“The new law only strengthens existing frameworks,” he clarified, adding that it does not introduce any mechanism for automatic debits or the freezing of bank accounts.
The committee chairman urged Nigerians to seek information from credible and official sources, warning against unverified claims designed to spread panic and undermine public confidence in reforms aimed at improving the country’s fiscal system.
