Stella Dimoko Korkus.com: Nigerian Banks To Flag Transactions Above ₦5m Monthly Under New Tax Law

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Wednesday, July 09, 2025

Nigerian Banks To Flag Transactions Above ₦5m Monthly Under New Tax Law

From Thursday January 1, 2026, Nigerian banks will be required to report all customer accounts with monthly transactions exceeding ₦5 million to the Federal Inland Revenue Service (FIRS) and other tax authorities.


Any account with ₦5 million or more in total inflows or outflows per month will be flagged and the Banks must submit monthly reports of such transactions.
This requirement is part of Section 30 of the 2025 Tax Reform Act, aimed at boosting transparency and tax compliance.

20 comments:

  1. Which kind wahala be this?

    ReplyDelete
  2. Tinubu won use tax kee everybody..
    That's the only thing that comes into him and his other dullards heads when he thinks of generating income..
    All the monies we no see anything them take am do..

    Make Una no worry sha

    ReplyDelete
    Replies
    1. Do you know how most countries in the world generate revenues? Yes. Taxes!!!

      Delete
    2. Who be that one wey say "most countries in the world generate tax"...do you visit these "most countries" to see how their infrastructure is well developed? 24hour light,good roads,public health,police at the dial of a button..and the most important one "ACCOUNTABILITY"!.When you ask your lawmakers why Dem buy 165mill SUV,Dem reply you?;New 5Billion dollar yatch nko? New private jet nko? Foreign IVY league schools for their children nko? 50 convoy cars with the lastest models when an average Nigerian worker can afford a Motorbike nko? Na una dey fund their lavish lifestyles,and as una Mumu reach,una dey defend them join!

      Delete
    3. How governments generate revenues and how they use the revenues are two very different things o

      Delete
  3. What does this mean ?

    ReplyDelete
  4. What does this mean ?

    ReplyDelete
  5. And there’s me that people are always keeping their money with me 😭

    ReplyDelete
  6. Seems I’ll join winners and redeemed pastors and create a tax haven in Panama

    ReplyDelete
  7. People will start keeping money at home. Hope they'll do same to thiefing politicians.

    ReplyDelete
    Replies
    1. Do they have the same protection that these politicians you keep talking about do?

      Better don't let pointless strong head cost you your life after your money.

      Delete
    2. Fair lady, if you have nothing to hide, why fear? 🤔

      Delete
  8. @Fair Lady:

    Cashless regime is the next move.

    ReplyDelete
  9. It happens in most sane countries in the world. In the US, if you buy something for more than 10k whether you pay with cash or card they flag the IRS. It doesn’t mean they will come after you, it just means they have a record so that when you file taxes and lie your yansh is there for them to open

    ReplyDelete
    Replies
    1. You are actually wrong. This is not why they flag the huge sums.

      Delete
    2. Anon18.09, only cash transactions above that amount are flagged. And it’s mainly to catch criminals and money launderers.

      Delete
  10. I will open a church account soon.

    ReplyDelete

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