NEW YORK, January 2, 2026, 05:31 ET
- Nigeria’s tax reform committee chair says authorities will not automatically debit bank accounts under new tax laws.
- Officials say the system relies on end-of-year self-declared income, not real-time deductions tied to transfers.
- Fidelity International names a former Quilter executive to lead its UK model portfolio service in a new role.
Nigeria’s presidential tax reform committee chair Taiwo Oyedele said tax authorities will not automatically debit bank accounts under the country’s new tax laws, pushing back against claims linked to bank transfers. “Nobody will debit your bank account,” Oyedele said in a Channels Television interview. 1
The comments land as the government begins rolling out a tax overhaul in 2026 and as Nigerians swap warnings online about transfer “narrations” — the short text attached to a bank transfer. Oyedele said false claims about automatic debits have distorted the debate, urging people to focus on reporting income correctly. 2
Oyedele has said the revamped framework is built around self-declaration, meaning taxpayers report their income at the end of the year and pay what is due. He also pointed to relief measures for small businesses, including a “presumptive” system — a simplified tax approach — and said businesses with annual turnover of 12 million or less would be treated as having little capacity to pay income tax. 3
He said tax agencies do not have the capacity to pursue every account holder and would target enforcement where the biggest revenue is. He also said people who are exempt from tax would only need to declare their status.
The messaging is aimed at defusing anxiety that transfer descriptions will trigger immediate deductions. Oyedele has argued the reforms focus on what people earn over a year, not the volume of money moving through an account.
As Nigeria’s new tax regime takes effect in January, tax analysts say transaction history will play a bigger role in reviews of personal and business income, especially for people outside PAYE, the pay-as-you-earn system where employers withhold salary tax. Punch reported that unclear inflows — including loans, refunds or gifts — could be mistaken for taxable income if the narration and supporting records are weak. 4
That has prompted more Nigerians to separate business and personal funds and to keep invoices or receipts for larger transfers. Taxpayers may be asked to justify transactions if questions arise over the source of funds.
Some Nigerian outlets have published lists of suggested transfer descriptions — such as “gift” or “refund” — as users try to keep records clearer ahead of annual filings, Legit.ng reported. 5
Oyedele said a transfer description on its own would not trigger an automatic deduction, and that tax payments would still be made through the normal filing process. He urged Nigerians to treat bank transfers as part of a wider record of income and expenses, not as a real-time tax meter.
Nigeria’s tax debate has intensified as digital payments replace cash for retail sales and freelance work, increasing the paper trail for people who operate outside formal payrolls. Officials and advisers say clearer documentation, not panic about bank narrations, is the practical response.
In separate financial-services news, Fidelity International appointed former Quilter executive Graham Folley as head of model portfolio service and intermediary solutions, a newly created role aimed at expanding its offering to UK financial advisers and distribution partners, Funds Europe reported. Model portfolio services are ready-made portfolios used by advisers, while “intermediaries” include advisers and platforms that sit between fund managers and end clients. 6
