No freezes, debits for personal bank accounts in 2026, Oyedele debunks Tax ID panic
Chairman, Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele
Abdullateef Fowewe
Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, has moved swiftly on Friday to separate viral misinformation from facts about Tax ID requirements for bank accounts, reassuring Nigerians that personal savings won’t face freezes or automatic debits come January 2026.
In a statement shared on X, Oyedele launched a public education series titled “Separating facts from misinformation,” directly tackling rampant rumors.
He highlighted a common falsehood: “THE YEAR: Your bank account will be frozen without a Tax ID, and you will be automatically debited from January 2026.”
Oyedele countered with clear facts, stating, “THE FACT: – Tax ID (TIN) is ONLY required for income or business accounts. – This is for identification and data harmonization, NOT automatic debit or freezing personal accounts. – This provision is not new; it has existed since January 2020.”
He emphasised the policy’s intent in the bottom line, “Don’t panic! The Tax ID requirement is for ease of administration, not punishment, and applies primarily to business accounts.”
The clarification comes amid widespread online anxiety over tax reforms, with Oyedele urging calm and scrutiny.
His final statement, “Evidence beats emotion. If they make a claim, ask them: ‘Where is it in the law?’”
