No Account Freezing Over Tax ID – Oyedele Assures

The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has debunked rumors that bank accounts will be frozen for lack of a Tax Identification Number. He clarified this position on Friday to address growing public anxiety ahead of the January 2026 rollout of the tax regulation.

Oyedele took to his X account to address the issue under a post tagged ‘FACT NOT FEAR’. He emphasized that the widespread information regarding automatic debits and account freezing is false. According to him, the requirement is meant for identification purposes, not punishment.

The tax reform boss explained that a Tax ID is strictly required for income-earning or business accounts. He noted that the primary goal is to harmonize data within the financial and tax systems. He urged Nigerians to disregard the fear-mongering circulating on social media.

Oyedele pointed out that this regulation is not entirely new to the Nigerian system. He stated that the provision for linking Tax IDs to accounts has actually been in place since January 2020. He stressed that the rule exists to facilitate efficient tax administration rather than to penalize citizens.

In his statement, he advised Nigerians to prioritize evidence over emotion when consuming news about the reforms. He challenged citizens to always ask for legal backing when presented with alarming claims. He reiterated that personal accounts are not the target of this policy.

This clarification comes amidst a broader public education campaign by the committee. The goal is to separate facts from misinformation as the nation approaches the implementation date. Oyedele had previously warned that delaying the new tax laws beyond January 1, 2026, would harm the economy.

Meanwhile, the House of Representatives is currently investigating alleged discrepancies in the gazette tax laws. This follows concerns raised by lawmaker Abdulsamad Dasuki about differences between the version passed by the House and the final document. The committee has promised to submit its report soon.