The Federal Government has reassured Nigerians that the new tax laws do not empower authorities to monitor, question, or tax citizens based on bank transfer narrations, amid growing public concerns.
Eko Hot News reports that the clarification was given by Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, during a televised programme, where he addressed widespread misinformation surrounding the tax reform agenda.
Oyedele stressed that tax authorities have no mandate to scrutinise personal transfer descriptions or debit accounts simply because of how transactions are labelled, dismissing claims circulating on social media.
He explained that Nigeria’s tax system remains largely based on self-declaration, adding that individuals are only expected to declare actual income earned, not routine transfers between family members, friends, or business associates.
According to him, the government lacks both the intention and capacity to track millions of bank narration, noting that such fears are unfounded and misleading.
Oyedele further clarified that whether a transfer involves ₦1,000 or ₦1 billion, there will be no automatic tax deduction linked to narration descriptions, unless the funds are proven to be taxable income.
He urged Nigerians to understand the difference between income and non-income transactions, emphasising that legitimate personal and business transfers remain protected.
The tax reform committee chairman also noted that many critics of the policy are not within the taxable income bracket affected by the reforms, adding that misinformation has fueled unnecessary panic.
He highlighted that the reforms are designed to simplify tax processes, expand reliefs for small businesses, and improve revenue transparency.
The Federal Government reiterated its commitment to fairness, transparency, and economic growth, urging citizens to rely on verified information and ignore false narratives about bank account surveillance.
