Oyedele debunks claims of 2026 bank account freeze, says reports are false, misleading

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has dismissed claims that Nigerians’ bank accounts will be frozen or automatically debited from January 2026, describing the reports as false, misleading and intended to cause panic.

In a post on his X handle on Tuesday, Oyedele urged Nigerians not to be swayed by misinformation, insisting that no such provisions exist in the recently enacted tax and financial reform laws.

“Don’t let anyone manipulate you. Your bank account is safe,” he said. “Misinformation makes you panic and fear a reform that is designed to help you. When they tell you that your account will be frozen or automatically debited from January 2026, ask them for the evidence in the new law. Be wise.”

Oyedele said the rumours form part of a broader wave of misinformation surrounding the new tax reforms, stressing that there is no provision in the laws authorising the freezing of bank accounts or automatic deductions from citizens’ funds.

He also addressed the controversy over claims that the tax reform laws, scheduled to take effect on January 1, 2026, were secretly altered after being passed by the National Assembly. According to him, key requirements being cited by critics, including the use of a Tax Identification Number (TIN) for certain financial transactions, are not new.

Oyedele noted that such measures have existed under previous legislation, including the Finance Act of 2019, adding that the new laws merely strengthen existing frameworks rather than introduce sweeping or punitive changes.

He urged Nigerians to seek information from verified and official sources, warning that unsubstantiated claims could undermine public trust and derail reforms aimed at improving fiscal transparency and economic stability.

The tax reform laws have continued to generate debate nationwide, with government officials repeatedly calling for calm and accurate public understanding as implementation approaches.