Taiwo Oyedele Reassures Nigerians: Bank Accounts Safe from Automatic Tax Deductions

Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy Tax Reform, addressed concerns about Nigeria's new tax laws causing anxiety among citizens, particularly regarding online transactions attracting deductions. Oyedele clarified in an interview with Channel Television that Nigerian bank accounts are safe and that there is no automatic deduction system in place.

He emphasized that the government targets high-income earners for tax reforms and that the majority of bank account holders in Nigeria are not within the income bracket being focused on. Oyedele highlighted the importance of self-declaration in Nigeria's tax system and encouraged individuals to declare their income to assess their tax obligations.

The ongoing tax reforms aim to simplify processes and protect vulnerable Nigerians while ensuring progress in the tax system.