The Chairman, Presidential Fiscal Policy & Tax Reforms Committee, Taiwo Oyedele, has addressed the rising fears about the use of Tax Identification Numbers (Tax ID) for automated deduction from bank accounts ahead of the January 2026 rollout of new tax regulations.
In a post tagged ‘𝐅𝐀𝐂𝐓 𝐍𝐎𝐓 𝐅𝐄𝐀𝐑’ on his official X account on Friday, Oyedele expressed that contrary to the widespread misinformation, bank accounts will not be frozen nor automatically debited if a TIN is not linked.
He said, “Tax ID (TIN) is required only for income or business accounts, adding that “This is for identification and data harmonisation, not automatic debit or freezing personal accounts.
“The provision has been in place since January 2020,” he said.
He urged Nigerians not to panic, noting that the TIN requirement primarily applies to business accounts to facilitate efficient tax administration seperating the fears from the facts.
He wrote, “𝐓he 𝐅ear: Your bank account will be frozen without a Tax ID, and you will be automatically debited from January 2026.
“𝐓he 𝐅act: Tax ID (TIN) is only required for income or business accounts. This is for identification and data harmonisation, not automatic debit or freezing personal accounts.
“This provision is not new; it has existed since January 2020.
“𝐁ottom 𝐋ine: Don’t panic! The Tax ID requirement is for ease of administration, not punishment, and applies primarily to business accounts. 𝐅inal word: Evidence beats emotion. If they make a claim, ask them: “Where is it in the law?” he said.
Acording to Oyedele, the clarification forms part of the ongoing public education series aimed at separating facts from misinformation in the implementation of tax reforms.
