By Fidelia Okafor
Nigerians panic as the new tax law is about to kick-off January 2026, claiming that lots of deductions of money will be done by the banks directly from customers account by early next year.
The Chairman, Presidential Fiscal Policy and Tax Reform Committee, Taiwo Oyedele Thursday dispelled the rumours of possible deductions of money directly from customers’ bank accounts.
President Bola Ahmed Tinubu had on June 26, 2025, signed four landmark tax reforms bill into law, providing a transition period for individuals, as well as businesses to prepare for the comprehensive changes.
Oyedele disclosed this during a one-day media workshop, designed to provide insights to support accurate and impactful reporting, reassured Nigerians not to panic or entertain any fear over the new tax regime, stating that claims of such possible deductions are not true but false, capable of destabilising the nation’s economy.
Oyedele, as a fiscal policy expert appointed by the federal government to overhaul the nation’s tax system, said that the committee focuses on fairness, efficiency, and economic growth by simplifying taxes, offering relief to low income earners while promoting compliance.
Speaking, he stated that the new tax reform would help businesses to reduce risks while harmonising multiple taxes.
“The tax reform will be fair to small business, guarantee economic stability and growth”, he stated while adding that it would equally boost investors confidence.
On households, he said the reform would guarantee wage rewards, import, as well as tax suspension on fuel products.
Low-income earners would also be exempted while reducing rates for middle class workers.
Also, it would create more opportunities to small businesses and start-ups.
The new tax regime would also improve credit rating, lower deficit and cost of debts, as revenue mobilisation would improve tax to Gross Domestic Product, GDP, ratio. It will help non-oil revenue to perform optimally.
It’s economic road map include; ensuring legal, institutional and readiness for the reforms.
Key actions include gazetting and publishing new acts and make them available online and in print.
The federal government would soon establish the Nigeria Revenue Service (NRS); the Joint Revenue Board and the Office of the Tax Ombud, thus phasing-out the Federal Inland Revenue Service (FIRS).
To achieve all these, the Committee intends to engage with key stakeholders to seek inputs for the implementation of the tax reform laws, including relevant agencies, professional bodies, and sector associations among others.
It equally intends to create more awareness and equip institutions, taxpayers, and professionals for smooth implementations of the regime.
