FG Denies Plans To Monitor Bank Transfers Under New tax Laws

The Federal Government has dismissed claims that the new tax laws will allow authorities to monitor Nigerians’ bank transfers or debit accounts based on transfer descriptions.

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Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, gave the clarification on Tuesday during Channels Television’s end-of-year programme. He said the tax reforms do not involve tracking bank narrations or placing automatic debits on personal accounts.
Oyedele explained that the system is based on self-declaration, not bank surveillance. According to him, individuals are expected to declare their income at the end of the year and pay tax where applicable. Those who are exempt only need to state their income and exemption status.
He said no tax authority has the capacity to pursue every bank transaction and urged Nigerians not to panic over how they describe transfers, regardless of the amount involved.

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Oyedele also blamed misinformation for public resistance to the reforms, noting that some high-earning content creators oppose the policy because they fall within the taxable bracket. He said such individuals often spread false claims to stir fear among low-income earners.
The committee chairman added that small businesses stand to benefit from the reforms, as they will be shielded from multiple levies and complex tax demands. He said the goal is to simplify tax payments, protect low earners and ensure a fairer system.
According to Oyedele, the reforms are designed to make taxation progressive and less burdensome for ordinary Nigerians.