Taiwo Oyedele, Chairman of the Presidential Committee on Tax Reforms and Fiscal Policy, has categorically denied claims that the proposed tax reforms would allow automatic deductions from citizens’ bank accounts, calling such assertions deliberate misinformation.
Speaking on Channels TV, Oyedele emphatically stated: “Any amount of money you transfer, whether it’s 1 billion, whether it’s 1,000, it doesn’t matter how you describe it, nobody will debit your bank account.”
He explained that wealthy individuals resisting the reforms have weaponized content creators to spread false information. “There are content creators who admitted they make up to $10,000 a month. They don’t want to pay tax. You think they will go and create a content that says they want to tax $10,000 a month? No. They say they’re going to debit your bank account,” Oyedele revealed.
The chairman emphasized that the opposition comes primarily from high-income earners manipulating ordinary Nigerians. “We underestimated how these guys can manipulate the average person to fight the fight on their behalf even against their own interest. That was what played out and it’s totally unbelievable,” he said.
Under the proposed system, taxpayers will self-report their income annually. Exempted individuals simply need to declare their income status without making any payment.
The reforms particularly protect vulnerable citizens and small businesses. Enterprises with annual turnover of 12 million naira or less are automatically exempt, recognizing that turnover doesn’t equal disposable income. Specific businesses like vulcanizing shops and roadside vendors are listed for exemption and will receive special stickers to prevent harassment.
Several states including Akwa Ibom, Zamfara, Anambra, Kano, and Lagos are already enacting complementary tax harmonization laws at record speed. Oyedele noted that vulnerable Nigerians who would benefit most “don’t have the voice on social media to say we like this reform.”
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