Panic Over Bank Account Deductions Sparks Outrage as JRB Breaks Silence on New Tax Laws
- Joint Revenue Board reassures Nigerians: Tax IDs won't lead to automatic deductions from bank accounts
- New Tax ID portal launched to streamline taxpayer access and improve data protection
- Early feedback on Tax ID system overwhelmingly positive, with high user satisfaction reported
CHECK OUT: How to Start Earning with Copywriting in Just 7 Days – Even if You’re a Complete Beginner
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
The Joint Revenue Board has moved swiftly to calm rising anxiety over Nigeria’s new tax laws, firmly denying claims that citizens’ personal bank accounts will be subjected to automatic or arbitrary deductions once they obtain a Tax Identification Number.
Executive Secretary of the board, Olusegun Adesokan, described the rumours as misleading and unfounded.
Source: Twitter
According to him, tax identification does not grant financial institutions the authority to dip into customers’ accounts without due process.
His clarification follows weeks of speculation that the new tax regime, which took effect on January 1, 2026, would trigger automatic withdrawals from taxpayers’ funds.
“Negative propaganda” and public anxiety
Adesokan commended Nigerians who ignored what he termed negative propaganda and proceeded to retrieve their Tax IDs through the newly launched portal.
He stressed that the fears circulating online about automatic taxation of personal funds were simply false.
“It is now obvious that the speculation that monies will be deducted arbitrarily from people’s bank accounts was unfounded,” he said, adding that obtaining a Tax ID does not translate into instant taxation or direct access to personal savings.
The clarification appears aimed at restoring confidence in the ongoing fiscal reforms under President Bola Tinubu, whose administration has pushed for a unified and more transparent tax system.
Inside the new tax ID portal
The Tax ID portal, launched on January 1, 2026, serves as Nigeria’s centralised taxpayer database. It is jointly managed by the Joint Revenue Board and the Nigeria Revenue Service.
Designed as a self-service platform, the portal allows individuals to generate a unique 13-digit Tax ID using their National Identity Number. Businesses can retrieve theirs using registration numbers issued by the Corporate Affairs Commission and other designated agencies.
Beyond simplifying access, the platform aims to harmonise fragmented taxpayer data across federal and state systems into a single, secure database.
Officials say this will strengthen revenue administration, improve coordination, and enhance data protection standards in line with the Nigerian Data Protection Commission guidelines.
Overwhelmingly positive feedback
Despite the initial panic, early user feedback suggests the portal is functioning smoothly.
According to the JRB Help Desk team, which conducted a structured survey via Facebook, X, Instagram, WhatsApp, and phone interviews, more than 98 per cent of respondents reported a seamless experience retrieving their Tax IDs.
According to a report by Arise TV, participants answered four survey questions, three closed-ended and one open-ended, detailing their experience with the platform. The results were compiled and analysed after the poll concluded.
Many respondents described the system as user-friendly and efficient, noting that the retrieval process was straightforward and quick.
Reforms target growth and support for the poor
Adesokan reiterated that the broader tax reforms are designed not to burden citizens but to stimulate economic growth while offering incentives to low-income earners and businesses.
Implementation has already commenced at both national and subnational levels, with authorities expressing optimism about smooth execution.
For now, the message from the revenue authorities is clear: obtaining a Tax ID does not mean banks will automatically deduct money from personal accounts.
Source: Twitter
As the reforms unfold, officials are urging Nigerians to rely on verified information and cooperate with the new system rather than give in to fear-driven narratives.
Banks begin major deductions from savings account interest
Earlier, Legit.ng reported that Many Nigerians opened their January bank statements to an unpleasant surprise: a fresh deduction on interest earned from their savings.
Major banks, including Access Bank, Zenith Bank and UBA, alongside fintech platforms, have begun deducting a 10 per cent Withholding Tax (WHT) on savings interest, following new tax directives from the federal government.
The move has triggered outrage among savers already under pressure from high inflation, weak purchasing power and rising living costs. For many, the deduction feels like yet another penalty on trying to save responsibly.
Source: Legit.ng
