Tax laws_ We’ve no business with your transfer narrations, FG tells Nigerians

Title: Tax laws: We’ve no business with your transfer narrations, FG tells Nigerians
URL: https://studentsdash.com/tax-laws-no-business-with-your-transfer-narrations/
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Tax laws: We’ve no business with your transfer narrations, FG tells Nigerians
The Federal Government has assured Nigerians that the newly introduced tax reforms will
not involve monitoring bank transfer narrations
or
debiting personal bank accounts
.
This clarification was made by
Taiwo Oyedele
, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, during an end-of-year interview on
Channels Television
.
His statement comes after widespread fear and misinformation online suggesting that the government plans to tax Nigerians directly through their bank transfers.
“No One Is Monitoring Your Bank Transfers” – Oyedele
Speaking during the programme, Oyedele made it clear that there is
no system anywhere in the world
where tax authorities monitor every individual’s bank transactions.
“There is no tax man in the world that has the capacity to go after everyone,” he said.
He explained that
ordinary Nigerians should not worry
about how they describe their bank transfers, no matter the amount involved.
“Any amount of money you transfer, whether it’s $1 billion or ₦1,000, it doesn’t matter how you describe it.
Nobody will debit your bank account.”
How the New Tax System Will Work
According to Oyedele, the reformed tax system is based on
self-declaration
, not forced deductions.
At the end of the year:
You
declare your income yourself
You pay tax
only on what qualifies as income
If you are
exempted
, you simply declare and pay nothing
“You know the amount that is your income. You know the one that is not your income.
So you tell the government, this is my income, and here is the tax.”
This means Nigerians are
not taxed blindly
and no money will be taken from their accounts without consent.
Why Some People Are Opposing the Tax Reforms
Oyedele also addressed the
misinformation being spread online
, especially by some content creators.
He noted that many of those opposing the reforms are actually
high earners
who do not want to pay tax.
“There are content creators who admitted they make up to $10,000 a month. They don’t want to pay tax.
So they spread fear that the government will debit your ₦5,000.”
He warned Nigerians to be careful of false narratives designed to stir public anger.
Good News for Small Business Owners
One of the biggest benefits of the new tax reform, according to Oyedele, is for
small businesses and sole proprietors
.
He explained that:
Small business owners currently face
too many levies and taxes
Many operate informally without business names
The reform aims to
simplify taxes
and reduce pressure on small earners
“If you run a small business, this is one of the biggest benefits of the tax reform.”
Final Thoughts
The Federal Government insists that the tax reforms are meant to:
Protect low-income earners
Simplify tax reporting
Reduce multiple taxes on small businesses
Make the tax system more
fair and progressive
Nigerians have been advised to
ignore misleading information
and seek facts from reliable sources.
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