Presidency: Amaechi lied on Tax Act, no 25% automatic debit from bank accounts

Special Adviser to the President on Information and Strategy, Mr. Bayo Onanuga, said Amaechi was “caught spreading egregious lies” about the law, accusing him of deliberately misleading Nigerians.

“Rotimi Amaechi was caught spreading egregious lies about the Tax Act. The former minister, governor, has really slipped so low, misleading people about the law,” Onanuga wrote on his verified X handle, @aonanuga1956.

He also suggested that the claim may be a sign of what Nigerians should expect from the opposition African Democratic Congress (ADC), where Amaechi is now a key figure, ahead of the 2027 general election.

“Is this blatant falsehood a foretaste of ADC campaign strategy during the campaign for the 2027 election?” Onanuga asked.

The rebuttal followed a video circulating online in which Amaechi told a crowd that the tax reform law contains a provision that would automatically deduct N25 million from any N100 million payment made into a person’s account, using payments for business transactions, including building materials, as examples.

In the video, Amaechi also alleged that the law was being delayed and would only be implemented after the 2027 election if the All Progressives Congress (APC) retained power.

"By January/February next year, all of you will be in trouble if APC wins. Go and check, what do you check? There's a tax law ... Why is the tax law not being implemented... Immediately after the election APC will implement the tax law.

“The tax law is that if I pay you N100 million for your building materials, automatically N25 million will leave your account,” Amaechi claimed.

But reacting, the President’s Special Assistant on Social Media, Mr. Dada Olusegun, dismissed the allegation as false and politically motivated, saying the former minister was spreading misinformation on the reforms.

Olusegun said the Nigeria Tax Act 2025, which he noted becomes effective in January 2026, only provides for a progressive personal income tax structure ranging from zero to 25 per cent.

According to him, low-income earners making N800,000 or less annually would pay no tax, while the 25 per cent rate applies only to ultra-high incomes on taxable earnings after statutory reliefs, not on transactions.

“The 25% top rate only hits ultra-high incomes… on taxable income after reliefs, and not random transactions or payments,” Olusegun stated.

He added, “No automatic 25% grab from bank accounts or building material deals.”

The Presidency maintained that Amaechi’s claim was part of “desperate propaganda,” insisting that Nigerians should not be misled into believing that routine bank inflows would be subjected to automatic deductions under the new law.