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Tax Reforms: No one will touch money in your bank account, Oyedele assures Nigerians

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.”
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.
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Police arrest Bayelsa sender of gun that led to killing of Mene Ogidi

Reports say Police have arrested two persons including the Bayelsa State sender of the barretta pistol and four rounds of ammunition that led to the killing of Oghenemine Ogidi by ASP Nuhu Usman in Effurun, Delta state.
A source said two suspects were moved into the Effurun Area Command under the Delta State Police Command Wednesday night, as investigations continues towards apprehending all persons connected with movement of the gun and bullets, and the death of 28 year old Mine.
While the Police authorities keep mum on the development, a source told Vanguard, “It’s confirmed. They just brought in two suspects Wednesday night.
“It’s not been announced who is who yet, but I can tell you for free that one of them is the person who sent the gun through a transport line from Yenagoa to Effurun, from where Mine picked it to send to a Sapele owner at the Effurun Motor Park where he was caught and extrajudicially killed by ASP Nuhu and accomplices.
“Like I sad, it’s not clear if the other person among the two could be the driver who brought the parcel from Yenagoa. But it’s clear that the sender is among the duo just apprehended. And the trail continues for the other suspects.”
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National Assembly makes U-turn on eight-year eligibility for presidency contest

The Senate has made a U-turn on its Tuesday’s decision as it has rescinded a controversial amendment that barred first-time senators from contesting presiding offices, reopening the 2027 race for Senate President and Deputy Senate President.
On Tuesday, the Senate amended its Standing Orders after a marathon executive session with the introduction of stricter eligibility criteria for the emergence of presiding officers in the 11th Senate, effectively limiting the contest for Senate President and other top leadership offices to returning ranking lawmakers of the current Assembly.
With the amendment on Tuesday, Senate leadership positions will follow a hierarchy beginning with former Senate Presidents, former Deputy Senate Presidents, former Principal Officers, senators who have completed at least one full term, lawmakers transitioning from the House of Representatives, and finally, first-time senators where no higher-ranking candidates emerge.
The amendment also stipulates that only Senators returning from the current 10th Assembly after re-election can contest for Senate President and other key leadership offices.
The reversal was adopted on Thursday through a motion sponsored by Senate Leader Opeyemi Bamidele, APC, Ekiti Central and presided over by Deputy Senate President Jubril Barau.
On why the reversal matters, Bamidele said that with the rule gone, the leadership contest for the 11th National Assembly is now open to all elected senators regardless of tenure.
The backtrack also signals a shift within the ruling party towards a more competitive and inclusive process for selecting the next Senate leadership, rather than pre-determining it through tenure restrictions.
The motion is titled, Recession and Re-Committal of Order 2 (2) and Order 3(1) of the Senate Standing Orders, 2023, as amended.
Presenting the motion, Bamidele said, “the Senate recalls that the Senate Standing Orders were considered and amended on Tuesday, 5th May, 2026;
“Observes that upon further legislative and constitutional review, certain provisions introduced under Order 2(2) and Order 3(1) may give rise to constitutional inconsistencies and unintended tensions with the provisions of the Constitution of the Federal Republic of Nigeria, 1999 (as amended), particularly Section 52 thereof;
“Notes that it is necessary to ensure that the Standing Orders of the Senate remain fully consistent with constitutional provisions, established parliamentary conventions, and legislative practice;
“Further notes that the Senate possesses the inherent parliamentary authority to revisit, rescind, and recommit any matter previously decided upon in order to preserve the integrity of its proceedings and legislative framework;
“Accordingly resolves to: rescind its earlier decisions relating to the amendments made to Order 2(2) and Order 3(1) of the Senate Standing Orders, 2026.
” Rescission and Re-Committal of the National Identity Management Commission (Establishment) Bill, 2026 to the Committee of the Whole.
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Breaking News
Gunmen Abduct Eight Students in Midnight Raid Near Nasarawa State University

Suspected gunmen have abducted no fewer than eight students during a midnight attack on off-campus hostels near the Engineering Campus of Nasarawa State University in Gudi.
The incident occurred around 1:00 a.m. on Thursday, with armed attackers storming several student lodges and whisking victims away to an unknown location.
A source said students hid in fear throughout the operation, complaining about the absence of immediate security intervention. The attack has heightened tension as students are currently writing examinations. Calls have been made for security agencies to intensify rescue efforts.
Key Points:
Eight students were abducted from off-campus hostels near the university.
The attack happened around 1:00 a.m. on Thursday while students were writing exams.
No visible security response was present during the operation.
Students and residents are calling for urgent rescue and improved security.
Fear has spread across the university community.
Sources: PM News
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