Mr Olaniran Olatona, Chairman, Ekiti State Internal Revenue Service (EKIRS), says the new tax laws scheduled to take effect in January 2026 will ease burdens on Nigerians and boost the nation’s economy.
Olatona, who stated this on Wednesday in a chat with newsmen in Ado-Ekiti, assured that the laws would not lead to illegal deductions from individuals’ bank accounts.
He noted that the tax reform initiated by the Federal Government was aimed at modernising the tax system, improving revenue generation and promoting fairness in tax administration.
The EKIRS chairman dismissed fears of arbitrary withdrawals from personal bank accounts, stressing that the laws does not empower tax authorities to deduct funds without due process.
According to him, the reform is designed to broaden the tax base, encourage voluntary compliance, reduce multiple taxation and revenue leakages, while creating an enabling environment for businesses.
Olatona also debunked reports that Nigerians without Tax Identification Number (TIN) would have their accounts frozen, explaining that the initiative was to regularise and issue TIN to strengthen tax administration.
He added that the reform was not an increase in taxes, noting that low-income earners were protected under the law until attaining taxable capacity.
The EKIRS chairman advised Nigerians to ensure accurate descriptions during bank transfers to avoid misinterpretation, cautioning against unnecessary hikes in prices of goods and services.
He explained that the reform would help make essential commodities more affordable.
He urged the public to disregard misinformation and seek clarification from credible sources, assuring that EKIRS would continue stakeholder’s sensitisation.
The News Agency of Nigeria reports that EKIRS had engaged traditional rulers and bank executives in Ekiti, and would meet with artisans, small business owners and private school proprietors in Ado-Ekiti to deepen understanding of the new tax reform laws.
