The Budget Office of the Federation (BOF) has urged Nigerians to remain calm and exercise caution over the ongoing rollout of the country’s new tax laws, warning that misinformation could create unnecessary anxiety among citizens.
Eko Hot News reports that the advisory followed growing public concerns and online speculation suggesting that the new tax framework allows the government to automatically deduct funds from personal bank accounts based on transaction narrations.
The Budget Office clarified that such claims are inaccurate, stressing that the current reforms do not permit automatic debits from individuals’ bank accounts without due legal process and regulatory approval.
According to the BOF, Nigeria’s tax system remains anchored on self-assessment and voluntary income declaration, where individuals and businesses are expected to accurately declare earnings and remit applicable taxes.
The office explained that ordinary bank transfers and transaction descriptions are not being monitored for taxation under the new law, dismissing fears of arbitrary charges on routine financial activities.
Officials noted that the objective of the reform is to broaden the tax base, improve compliance, and strengthen revenue generation in a transparent and accountable manner, not to intimidate law-abiding citizens.
The BOF also highlighted that the reforms include relief measures and simplified processes designed to support small and medium-sized enterprises, enabling them to grow while meeting their statutory obligations.
Nigerians were advised to rely on verified information from official government channels and tax authorities rather than unconfirmed social media reports that may misrepresent policy intentions.
The Budget Office assured the public that continuous stakeholder engagement and public education will accompany the implementation process to ensure clarity and smooth adoption of the reforms.
It reiterated that citizens not affected by the new tax thresholds should have no cause for concern as the government remains committed to fairness and inclusiveness.
