MUST READ!!! Oyedele Says Bank Narration Does Not Matter For Tax
Taiwo Oyedele has said bank narration does not matter for tax purposes and no one will debit Nigerians’ bank accounts.
Speaking during an interview, Oyedele explained that fears around bank transfers, transaction descriptions, and automatic deductions were based on misinformation rather than how the tax system actually works. He said there is “no taxman in the world that has the capacity to go after everyone,” stressing that tax authorities focus on areas with the highest revenue yield.
According to him, governments with limited capacity naturally target high-income earners rather than ordinary citizens. “If I have limited capacity, what do I do? I go after the highest yield. Where can I get one billionaire? Where can I get 100 million?” he said.
Oyedele noted that data shows most Nigerians are not in the income bracket being targeted. He referenced figures indicating that about 98 percent of bank account holders in Nigeria cannot boast of ₦500,000 in their accounts, yet many of those people are the most vocal opponents of the reform. He said this reaction was underestimated by policymakers.
He stated that some wealthy individuals were able to manipulate public fear to resist taxation. “There are content creators who admitted they make up to $10,000 a month. They don’t want to pay tax,” he said. According to him, such individuals would not openly oppose paying tax themselves but instead spread narratives suggesting the government would debit small bank accounts. “They say they’re going to debit your bank account so you can help them fight the reform. Debit your ₦5,000,” he said.
Oyedele stressed that this claim is false. “Nobody will debit your account,” he said, adding that it does not matter whether a transfer is ₦1,000 or ₦1 billion, or how it is described. He said bank narration does not determine taxation and does not trigger deductions.
He explained that Nigeria operates a self-declaration system, where individuals report their income themselves at the end of the year. “You know the amount that is your income, you know the one that is not your income. So you tell the government, this is my income, and here is the tax,” he said.
He added that people who are legally exempt from paying tax are still required to declare their income and simply state that they are exempt. According to him, the process is being simplified further to make compliance easier.
Oyedele said the reform is designed to shift taxation away from vulnerable people and toward a more progressive system, even though those who benefit most from it often lack the voice to defend it publicly.
