Amid rising public anxiety over the ongoing tax reforms, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr. Taiwo Oyedele, yesterday dismissed fears that the government plans to deduct money directly from bank accounts, insisting that such claims are “false, dangerous and capable of destabilising the economy.”....TAP TO CONTINUE READING

Speaking during a media workshop on the new consolidated tax law, Oyedele said the warnings trending on social media were based on ignorance and deliberate misinformation.

“Let me say this clearly: nobody — not FIRS, not CBN, not any government agency — has the power to debit your bank account,” he declared. “Whether you have ¦ 50,000 or ¦ 50 million, nobody is taking any money from your account. It is simply not true.”
No New Power to Seize Funds

Oyedele explained that the allegation arose from the consolidation of major tax statutes into a single code, which led many to assume that the government had introduced new enforcement powers.

He clarified that the only existing mechanism that allows recovery of unpaid taxes is a court-ordered garnishee, which he described as “a long legal process that is almost never used.” “Even in extreme cases where someone owes hundreds of millions and refuses to pay, the government cannot just wake up and remove money,” he said. “They must assess you, notify you, allow objections, conclude the process, go to court, and get a judge’s order. Without that, nobody can touch your account.”

According to him, in nearly three decades of tax administration work, he has “never seen a single instance where money was removed from an account without due judicial process.”

He recalled the attempt under former FIRS Chairman, Babatunde Fowler, to impose post-no-debit orders on accounts suspected of tax evasion — a move that failed without recovering a single naira.

“That process didn’t succeed, and it created unnecessary panic,” he noted. “Nobody is repeating that mistake.”
Higher Threshold, Not New Tax

Addressing the misconception that banks will begin reporting all transactions, Oyedele said the 2020 Finance Act already required accounts used for business to have a Tax Identification Number (TIN). He added that the new reform even raises the threshold for mandatory reporting from ¦ 10 million to ¦ 25 million, which he said translates to “almost ¦ 100 million a year before any report is triggered.”

“NIBSS data shows that 98 percent of bank accounts in Nigeria have less than ¦ 500,000,” he said. “Those accounts will never be reported. This provision is not new — it has been in place for five years.”

‘Withdrawing your money will hurt the economy’

The tax reform chair warned that the ongoing rumours could cause harmful panic withdrawals.

“One thing that can damage the economy very quickly is people rushing to withdraw their money out of fear,” he cautioned. “Nothing in the law authorises the government to debit accounts. Please help us educate others so we don’t create a problem where none exists.”

Oyedele maintained that the goal of the reform is to simplify compliance, expand the tax net, and reduce the burden on households and small businesses.

“This reform is not to punish anybody,” he said. “It is to make life easier, reduce double taxation, and support economic recovery.”

He added that his committee is working with the National Orientation Agency to release digital explainers and translations of the new law in major Nigerian languages.

The cost of basic food items has continued to rise across markets, placing additional pressure on households already grappling with economic hardship.....TAP TO CONTINUE READING

A survey of current market prices indicates that several staple foods remain high, forcing many households to adjust their feeding practices, reduce portions, or switch to cheaper alternatives.

Cooking oil, a daily necessity in most Nigerian homes, continues to command high prices. A 5-litre container of palm oil now sells for about ₦10,000, while groundnut oil costs around ₦3,200 per litre. Traders attribute the prices to supply challenges, transportation costs, and increased demand.

Rice, a major staple across the country, is selling for about ₦52,250 for a 50kg bag, a price many consumers describe as unaffordable. Swallow foods are also affected, with medium-sized Poundo Yam meal priced at ₦3,500, while the bigger pack goes for ₦7,000.

Traditional soup ingredients have not been spared either. One modu of egusi now costs about ₦2,700, while a paint bucket of garri sells for roughly ₦1,200, making even basic meals more expensive to prepare.

Fresh produce prices remain unstable. A heap of tomatoes currently goes for about ₦3,500, while pepper sells for around ₦2,500 per heap. Market women say seasonal shortages and spoilage during transportation continue to affect supply, driving prices upward.

Processed food items have also recorded noticeable increases. A roll pack of cornflakes now sells for ₦1,300, while spaghetti, a common household food, is priced as high as ₦18,600 per pack in some markets.

Here is the breakdown of some food prices:

Palm Oil (5-litre) – ₦10,000

Groundnut Oil (1-litre) – ₦3,200

Rice (50kg Bag) – ₦52,250

Poundo Yam Meal (Medium) – ₦3,500

Poundo Yam Meal (Big) – ₦7,000

Egusi (1 modu) – ₦2,700

Garri (1 paint bucket) – ₦1,200

Tomatoes Heap – ₦3,500

Pepper Heap – ₦2,500

Cornflakes (Roll Pack) – ₦1,300

Spaghetti (Pack) – ₦18,600

President Bola Ahmed Tinubu’s Special Adviser on Media and Public Communication, Sunday Dare, has attributed the recent reduction in petrol prices by the Dangote Refinery to the oil sector reforms introduced by the current administration.....TAP TO CONTINUE READING

Dare made the assertion while insisting that President Tinubu’s reforms in the oil sector are already yielding benefits for Nigerians.

Recall that DAILY POST reported on Friday that Dangote Refinery recently slashed its gantry price of petrol massively by N129 to N699 per liter from N828.

Reacting to the development on X, Dare noted that the refinery had also introduced a 10-day credit facility for customers, supported by bank guarantees, with a minimum purchase requirement of 500,000 liters.

He argued that the current situation in the petroleum sector is a direct outcome of the administration’s policy decisions.

“The dividends of the oil sector reforms of the Tinubu administration are becoming evident.

“The removal of fuel subsidy unleashed market forces and encouraged competition. The government’s naira-for-crude policy,” Dare wrote.