The Chairman of the Presidential Fiscal Coverage and Tax Reforms Committee, Taiwo Oyedele, has addressed rising considerations surrounding the usage of Tax Identification Numbers for {bank} accounts forward of the deliberate rollout of latest tax rules in January 2026.
In a put up titled ‘𝐅𝐀𝐂𝐓 𝐍𝐎𝐓 𝐅𝐄𝐀𝐑’ shared on his X account on Friday, Oyedele dismissed claims circulating on social media that {bank} accounts can be frozen or robotically debited if they don’t seem to be linked to a TIN.
He defined that the requirement applies solely to income-earning or enterprise accounts and is supposed for identification and knowledge harmonisation reasonably than enforcement.
He stated, “A Tax ID is required just for income-earning or enterprise accounts, including that the requirement is meant for identification and knowledge harmonisation, not as a punitive measure.
“The availability has been in place since January 2020,” he stated.
Oyedele urged Nigerians to not panic, stressing that non-public {bank} accounts aren’t the goal of the regulation and that the coverage is designed to assist environment friendly tax administration.
Within the put up, he wrote, “𝐓he 𝐅ear: Your {bank account} might be frozen with no Tax ID, and you can be robotically debited from January 2026.
“𝐓he 𝐅act: Tax ID is simply required for earnings or enterprise accounts. That is for identification and knowledge harmonisation, not automated debit or freezing private accounts.
“This provision will not be new; it has existed since January 2020.
“𝐁ottom 𝐋ine: Don’t panic! The Tax ID requirement is for ease of administration, not punishment, and applies primarily to enterprise accounts. 𝐅inal phrase: Proof beats emotion. In the event that they make a declare, ask them: ‘The place is it within the legislation?’” he stated.
The clarification kinds a part of an ongoing public schooling effort geared toward separating information from misinformation as the federal government prepares to implement tax reforms.
Oyedele has beforehand dismissed studies suggesting that Nigerians’ {bank} accounts can be frozen or robotically debited from January 2026, describing such claims as false and deceptive.
Earlier this week, he additionally warned that suspending the implementation of the brand new tax legal guidelines past January 1, 2026, may have critical penalties for employees and companies nationwide.
The feedback come amid controversy over alleged discrepancies between the tax legal guidelines handed by the Nationwide Meeting and the model later gazetted by the federal authorities.
The problem was raised by a member of the Home of Representatives, Abdulsamad Dasuki, who alleged that the gazetted legal guidelines differed from these accredited on the ground of the Home.
In response, the Home of Representatives Committee commenced an investigation into the matter and pledged to submit its findings upon completion. The committee chairman, Muktar Betara, gave the reassurance following the panel’s inaugural assembly held in Abuja earlier this week.