The Business NG - BusinessNg

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Editorial Focus: Tax Reforms and the Cost of Silence Mounting confusion over Nigeria’s newly introduced tax reforms exposes a troubling gap between policy rollout and public communication. Across bank branches in Lagos and Abuja, customers seeking clarity on deductions, share transactions, and the fate of small savings accounts have been met with uncertainty—or silence—from frontline officials. The result is rising anxiety in a financial system that depends on trust. Banks are the primary interface between government policy and the everyday Nigerian. When customer-facing staff are unable to explain reforms that directly affect personal finances, it signals weak coordination and inadequate preparation. Waiting for “head office directives” after reforms have taken effect is not good enough. Tax reforms, no matter how well-intentioned, risk losing public support if citizens feel blindsided or poorly informed. Regulators and bank management must act swiftly to issue clear, uniform guidance and train staff to address customer concerns confidently. Transparency is not optional in financial reform. Without it, uncertainty becomes the hidden tax Nigerians pay—eroding confidence, slowing investment, and undermining the very goals these reforms seek to achieve.