The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has declared that the Federal Government will no longer allow the nation’s economic future to be jeopardized by large-scale tax defaulters.
Speaking during a series of stakeholder engagements in late January 2026, Oyedele emphasized that while the new Nigerian Tax Act provides historic relief for the poor, it is equally designed to ensure the “top two percent” of earners and large corporations fulfill their obligations. He warned that the government is choosing the long-term prosperity of 230 million Nigerians over the interests of a few “vested interests” who have historically exploited gaps in the tax system.
The 2026 reform rollout marks a shift toward a “data-driven” enforcement model. Oyedele revealed that under the new framework, banks are now required to report accounts with quarterly transactions exceeding ₦25 million (₦100 million annually) to the tax authorities.
This measure is intended to bring high-net-worth individuals into the tax net without harassing small traders. By automating these checks and utilizing the Taxpayer Identification Number (TIN) as a mandatory requirement for significant financial activities, the government aims to increase the tax-to-GDP ratio from its current single digits to a more sustainable 18% over the next three years.
Addressing public anxiety over potential overreach, Oyedele clarified that the government will not resort to “arbitrary bank debits” or roadblocks. Instead, a new Tax Ombudsman office has been established to protect citizens from harassment, providing a legal shield for small business owners while the focus remains on major defaulters.
The Chairman insisted that the “old philosophy” of inventing new taxes on the poor is dead; the 2026 strategy is instead built on fairness and transparency, where those with the greatest capacity to pay are finally held accountable to support national infrastructure and social services.
