Oyedele gave the assurance while speaking on a national television, dismissing claims that the government would monitor or debit individual bank accounts, stressing that taxpayers would only be required to declare their income at the end of the tax year.

“People think that the government will debit their bank accounts from next year, and how they even came up with that, I have no idea. Nobody will debit your account for any amount you transfer. Whether it’s a billion or one thousand naira, at the end of the year, you tell the government yourself,” he said.

Meanwhile, journalists had earlier reported that President Bola Tinubu said the implementation of the new tax laws, including those enacted on June 26, 2025, and others scheduled to commence on January 1, 2026, would proceed as planned.

Read Also: New Tax Laws Will Take Effect January 1, Tinubu Insists

The President said the reforms represent “a once-in-a-generation opportunity to build a fair, competitive, and robust fiscal foundation” for the country, clarifying that the laws are not intended to raise taxes but to support a structural reset, promote harmonisation, and protect dignity while strengthening the social contract.

Tinubu urged stakeholders to support the implementation phase, which he said is now “firmly in the delivery stage,” adding that no substantial issue has been identified to warrant disrupting the reform process.

Source: Punch

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In a statement, Tinubu insisted that the tax laws will take effect on January 1, stressing that the reforms are not intended to impose additional tax burdens on citizens.

Instead, he explained that the measures are aimed at resetting the country’s tax structure, improving harmonisation across the system, safeguarding dignity, and reinforcing the social contract between the government and the people.

“The new tax laws, including those that took effect on June 26, 2025, and the remaining acts scheduled to commence on January 1, 2026, will continue as planned,” the president said on Tuesday.

“These reforms are a once-in-a-generation opportunity to build a fair, competitive, and robust fiscal foundation for our country.”

He called for support from all Nigerians as the tax laws would take effect in a few days.

“Our administration is aware of the public discourse surrounding alleged changes to some provisions of the recently enacted tax laws.

“No substantial issue has been established that warrants a disruption of the reform process. Absolute trust is built over time through making the right decisions, not through premature, reactive measures.”

Controversy has continued to surround the newly enacted tax laws following allegations by a member of the House of Representatives, Abdussamad Dasuki, that there are inconsistencies between the bills passed by the National Assembly and the versions later gazetted and released to the public.

Dasuki maintained that his legislative rights were violated, insisting that the contents of the gazetted tax laws differ from what lawmakers debated and approved during plenary sessions in the House.

“Before you can say there is a difference between what was gazetted and what was passed, we have what has not been gazetted. We don’t have what was passed,” he said.

His remarks triggered renewed calls for the suspension of the tax laws. Opposition figures, including Peter Obi and Atiku Abubakar, as well as pressure groups such as the Nigerian Bar Association (NBA), have condemned the alleged alterations and urged the Federal Government to pause the implementation of the legislation.

Read Also: National Assembly Commences Internal Review of Disputed Tax Laws

President Tinubu signed the four tax reform bills into law in June, in what the government has described as the most far-reaching overhaul of Nigeria’s tax system in decades.

The new laws comprise the Nigeria Tax Act, the Nigeria Tax Administration Act, the Nigeria Revenue Service (Establishment) Act, and the Joint Revenue Board (Establishment) Act. Together, they establish a unified framework under a single authority, the Nigeria Revenue Service.

Despite facing strong resistance from some lawmakers and influential stakeholders during the legislative process, the tax reform bills were eventually passed and are scheduled to come into force on January 1, 2026.

Source: TVC

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The report, titled “Report of October 2025 Revenue Collection Presented at the Federation Account Allocation Committee Meeting Held on 18th November 2025,” was contained in a document prepared by the Nigerian Upstream Petroleum Regulatory Commission and presented at the November meeting of the Federation Account Allocation Committee.

In the section headed “Recovery from NNPC Ltd Outstanding Obligations,” the commission said the debts earlier reported at the October 2025 FAAC meeting stood at “$1,480,610,652.58 and N6,332,884,316,237.13 for PSC, DSDP, RA & MCA Liftings and JV & PSC Royalty Receivables respectively.”

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The development was disclosed in a statement issued in Abuja by the Director of Information for the Senate, Bullah Audu Bi-Allah.

The move followed growing public controversy over the legislative process that led to the passage, assent and gazetting of the Nigeria Tax Act, 2025; the Nigeria Tax Administration Act, 2025; the Joint Revenue Board of Nigeria (Establishment) Act, 2025; and the Nigeria Revenue Service (Establishment) Act, 2025.

According to the statement, concerns had been raised in the public space over the harmonisation of the bills passed by both chambers of the National Assembly, the assent granted by the President, and the versions of the Acts subsequently published in the Official Gazette.

“The Leadership and management of the National Assembly are addressing these matters strictly within its constitutional and statutory mandate,” the statement said.

It added that the relevant committees of the National Assembly, working with its management, had commenced an internal review to clarify the issues raised.

“Accordingly, the relevant Committees, in collaboration with the Management of the National Assembly, are conducting an internal review,” it stated.

The Senate noted that the exercise was being carried out in line with the Constitution of the Federal Republic of Nigeria, the Acts Authentication Act, Cap. A4, LFN 2004, the Standing Orders of both chambers, and established parliamentary practice.

As part of the process, the leadership directed the Clerk to the National Assembly to work with relevant agencies to ensure the proper publication of the Acts and the issuance of certified true copies to stakeholders and members of the public on request.

“In the course of this review, and for the purpose of ensuring clarity, accuracy, and sanctity of the legislative record, the Leadership has directed the Clerk to the National Assembly to facilitate, in collaboration with the relevant agencies, the publication of the Acts in the Official Gazette and to issue certified true copies of the assented Acts on demand to any stakeholder or the general public,” the statement read.

The National Assembly stressed that the action was administrative and intended only to authenticate and formally reflect legislative decisions already taken.

“This administrative action is intended solely to authenticate and formally reflect the legislative decisions of the National Assembly,” it added.

The leadership further clarified that the review did not imply any defect in the exercise of legislative powers by either chamber, nor did it encroach on the responsibilities of other arms of government.

“The review is confined to institutional processes and procedures and does not constitute, imply, or concede any defect in the exercise of legislative authority by either Chamber,” the statement said.

It reaffirmed the commitment of the National Assembly to constitutionalism, separation of powers and due process, assuring that any procedural or administrative lapses discovered would be addressed in line with the law.

Members of the public were urged to allow the internal processes of the legislature to run their course without speculation or interference.

“The leadership of both Chambers remain committed to transparency, accountability, and the faithful discharge of its constitutional responsibility as the custodian of the legislative authority of the Federal Republic of Nigeria,” the statement added.

The development came two days after a former Senate Leader, Ali Ndume, urged President Bola Tinubu to suspend the implementation of the disputed tax reform laws, which are scheduled to take effect in January.

Ndume made the call in a statement issued on Wednesday in Abuja, amid claims and counterclaims that the tax laws were altered after being passed by the National Assembly.

Meanwhile, the House of Representatives Committee investigating alleged discrepancies in Nigeria’s gazetted tax laws pledged to submit its report as soon as its work is concluded.

The Chairman of the Committee, Muktar Betara, gave the assurance following the inaugural meeting of the panel, which was held in Abuja.

Meanwhile, the National Assembly,  directed its Clerk to re-gazette the nation’s tax laws and issue Certified True Copies of the versions passed by the Senate and the House of Representatives, following allegations of alterations to the laws.

The decision was disclosed in a statement released in Abuja by the House of Representatives spokesman, Akin Rotimi.

His appeal followed protests by opposition politicians and civil society organisations, including the Nigerian Bar Association, calling on the Federal Government to halt the implementation of the laws.

Read Also: Oyedele Clarifies Controversy Over Alleged Changes to Tax Laws

The President of the Nigerian Bar Association, Mazi Afam Osigwe (SAN), warned that the controversy surrounding the tax reforms could undermine the credibility of Nigeria’s legislative process.

Osigwe said the issues struck at the heart of constitutional governance and called for an open and transparent investigation to restore public confidence.

The controversy was further heightened last week when a member of the House of Representatives, Abdussamad Dasuki, alleged that the version of the tax laws published in the Official Gazette differed from the final copies passed by the National Assembly and transmitted to the President for assent.

Source: Punch

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The President’s Special Assistant on Social Media, Dada Olusegun, disclosed this in a brief statement on his X handle.

The statement read, “The Federal Executive Council has approved the 2026 Budget, and it is now ready for presentation to a joint session of the National Assembly this afternoon by the President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria, Bola Ahmed Tinubu.”

Read Also: President Tinubu Chairs Emergency FEC Meeting Ahead of 2026 Budget Presentation

The FEC’s approval follows a series of meetings in which key parameters of the 2026–2028 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper were reviewed.

Among the decisions taken, the Council had earlier approved an oil price benchmark of $64.85 per barrel and a budget exchange rate of ₦1,512 to one US dollar for the 2026 fiscal year.

Source: Punch

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The governor signed the bill shortly after it was passed by the lawmakers. Lawal had earlier presented a proposed ₦861.3 billion budget to the assembly on December 4.

The House Committee on Finance and Appropriation, chaired by Rilwanu Na-Gambo, recommended a revised budget estimate of ₦871.337 billion after all Ministries, Departments, and Agencies (MDAs) appeared before the committee to defend their proposals. The committee also noted improved revenue performance across most MDAs.

The lawmakers approved an additional ₦8 billion for capital expenditure in the Ministry of Local Governments and Chieftaincy Affairs, and ₦2 billion for recurrent expenditure for the House of Assembly.

Read Also: Plateau Governor Presents N914 Billion Budget for 2026 Fiscal Year

Speaker of the House, Bilyaminu Isma’il, said the budget aligns with the administration’s priorities in security, agriculture, health, education, and infrastructure, while reflecting grassroots needs and promoting equity and inclusion.

The Deputy Governor, Mani Malam Mumini, and other top government officials were present at the signing ceremony.

Source: Nation

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According to newsmen, the allocation was approved at FAAC’s December 2025 meeting held in Abuja, and spearheaded by the Minister of State for Finance, Doris Uzoka-Anite.

In a communiqué issued after the meeting, the distributable revenue comprised ₦1.40 trillion from statutory revenue, ₦485.83 billion from value-added tax (VAT), and ₦39.64 billion generated from the electronic money transfer levy (EMTL).

FAAC disclosed that total gross revenue available for the month stood at ₦2.34 trillion. From this amount, ₦84.25 billion was deducted as the cost of collection, while ₦330.62 billion was set aside for transfers, interventions, refunds, and savings.

The committee noted a decline in statutory revenue, stating that gross statutory receipts for November amounted to ₦1.736 trillion, down by ₦427.97 billion from the ₦2.164 trillion recorded in October 2025.

VAT collections also dropped during the period. Gross VAT revenue for November stood at ₦563.04 billion, representing a decrease of ₦156.78 billion compared to the ₦719.82 billion generated in October. From the VAT proceeds, ₦22.52 billion was deducted for collection costs, while ₦54.68 billion was allocated for transfers, interventions and refunds.

Of the ₦1.92 trillion shared, the federal government received ₦747.15 billion, state governments got ₦601.73 billion, while local government councils were allocated ₦445.26 billion. In addition, ₦134.35 billion, representing 13 per cent of mineral revenue, was distributed to eligible states as derivation revenue.

A further breakdown showed that from the ₦1.40 trillion statutory revenue, the federal government received ₦668.33 billion, while state governments were allocated ₦338.98 billion.

“The local government councils received N261.346 billion and the sum of N134.355 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue,” the communique said.

“From the N485.838 billion distributable value added tax (VAT) revenue, the federal government received N72.876 billion, the state governments received N242.919 billion and the local government councils received N170.043 billion.

“A total sum of N5.947 billion was received by the Federal Government from the N43,400 billion Electronic Money Transfer Levy (EMTL), the State Governments received N19.823 billion and the Local Government Councils received N13.876 billion.

Read Also: FAAC Shares ₦2.2trn August Revenue To FG, States, LGAs

“While N1.736 billion was allocated for cost of collection, while the sum of N2.018 billion was given to transfers, refunds and savings.”

FAAC noted that excise duty posted a modest increase during the period, while petroleum profit tax (PPT), hydrocarbon tax, company income tax (CIT) on upstream operations, CIT, capital gains tax (CGT), stamp duties (SDT), oil and gas royalties, import duty, CET levies, value-added tax (VAT) and the electronic money transfer levy (EMTL) all recorded significant declines.

Source: TVC

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According to journalists, petrol importers are on the verge of losing as much as N102.48bn monthly after the Dangote refinery reduced its gantry price from N828 per litre to N699.

At the same time, the refinery is also projected to lose about N91bn in a month as a direct consequence of the price cut, underscoring the intensity of the competition currently reshaping Nigeria’s downstream oil market.

The development has exposed deep fault lines in the deregulated petroleum market, with winners and losers emerging almost simultaneously.

The reduction in petrol gantry price came just days after the refinery assured Nigerians of sufficient fuel supply to avoid queues at filling stations during the festive period. The company also announced a 10-day credit facility for marketers, stating that the new price regime took effect from December 12.

Many Nigerians have welcomed the price reduction as a major relief, especially during the Yuletide season, fuel marketers running filling stations across the country say they are counting heavy losses, as they would be forced to sell existing stocks purchased at higher prices below cost.

Read Also: Dangote Refinery Set To Begin Selling Petrol at N739 Per Litre

Recall that President of the Dangote Group, Aliko Dangote, at a press briefing pledged to enforce the new pricing regime, insisting that filling stations must sell petrol at N739 per litre nationwide from Tuesday. He disclosed that MRS filling stations would begin implementation immediately, with other partner stations expected to follow.

Source: Punch

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