Tax ID System Will Not Allow Automatic Bank Deductions

Mr. Olusegun Adesokan, the Executive Secretary of the Joint Revenue Board (JRB), addressed and debunked rumors regarding the new tax identification system in Nigeria.

He clarified that obtaining a tax ID does not grant financial institutions the authority to withdraw funds from citizens' accounts without consent. The rumors suggested that automatic deductions would begin on January 1, 2026, which Adesokan labeled as false and misleading.

He emphasized that the tax ID system, launched on January 1, 2026, aims to create a centralized taxpayer database managed by the JRB and the Nigeria Revenue Service. Adesokan praised Nigerians for registering on the portal and urged them to disregard unfounded speculations about arbitrary deductions.

He noted that the system is designed to protect low-income earners and encourage economic growth. The portal is user-friendly and includes strong data protection measures in line with guidelines from the Nigerian Data Protection Commission.

The initiative is part of broader fiscal reforms under President Bola Tinubu's administration.