Many Nigerian workers who received their January 2026 salaries are already seeing a difference in their pay, as deductions under the Pay As You Earn (PAYE) tax system have gone down, leaving them with more money to take home.

This information was shared by Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, in a statement he posted on his WhatsApp platform. According to him, feedback from employees across different sectors shows that the new tax laws are beginning to ease the tax burden on workers.

“To make sure that the people responsible for applying these changes in their organisations fully understand what to do, the committee is organising an implementation session in partnership with the Joint Revenue Board,” Oyedele said.

He explained that the meeting is aimed at senior staff who handle salaries and taxes in companies, including Human Resources directors, payroll managers, chief financial officers, tax managers and other top executives who oversee staff pay and tax compliance.

Oyedele also addressed concerns that have been circulating among members of the public about possible new charges on electronic transfers and money kept in bank accounts. He said clearly that the tax reforms did not introduce any new tax or levy on bank transfers or funds in people’s accounts.

“The new laws did not create any tax on electronic transfers or money in your bank account. In fact, many businesses can now claim back input VAT on bank charges,” he said.

To ensure that banks and other financial institutions understand how to apply the new rules, Oyedele said a separate engagement session was recently held. The meeting brought together the Nigeria Revenue Service, the Joint Revenue Board, the Central Bank of Nigeria and the Presidential Fiscal Policy and Tax Reforms Committee.

He noted that the session included officials such as risk and compliance officers, legal advisers, chief financial officers and regulatory affairs executives from fintech companies, commercial and microfinance banks, pension fund operators, asset managers, investment and securities firms, and other financial institutions.

During the discussions, participants focused on making sure customers are not wrongly charged, especially in the area of taxes linked to bank services. They also talked about the need for a Tax Identification Number for bank accounts used for business or income purposes, a rule that has been in place since January 13, 2020.

Other areas covered included giving customers clear guidance on how to file their tax returns and claim lawful deductions, as well as the removal of Tax Clearance Certificates as a requirement for foreign exchange transactions to make it easier for people and businesses to operate.

Oyedele added that the meeting also explained the proper process tax authorities must follow when using their powers to recover unpaid taxes, and the extra protections now available to taxpayers through the Office of the Tax Ombud.

He said the overall goal of the tax reforms is to bring more people and businesses into the formal economy, reduce confusion caused by different tax rules, and improve access to financial services, while building trust and making the financial system work better for everyone.