In a move set to reshape the financial and taxation landscape in Nigeria, authorities have announced that beginning January 2026, all commercial banks operating within the country will be mandated to report any account with monthly transactions of ₦5 million or more to the Federal Inland Revenue Service (FIRS).
The announcement was made via the official X (formerly Twitter) handle of Nigerian Stories, sparking widespread reactions from financial experts, business owners, and everyday Nigerians.
According to the directive, the new policy is part of an aggressive drive by the federal government to curb tax evasion, enhance revenue generation, and expand the nation’s tax net. Under the new rules, banks will be required to furnish transaction data for both corporate and individual accounts that meet or exceed the ₦5 million threshold in a single month.
Experts say the move could tighten the noose on high-net-worth individuals and businesses that have historically slipped under the radar of tax enforcement agencies. However, the policy is already generating debate among Nigerians who fear potential privacy violations, increased scrutiny, and possible harassment by tax authorities.
“This is a bold but necessary step to ensure accountability and fiscal discipline. We can no longer afford a shadow economy,” said a senior official at the FIRS who spoke on condition of anonymity.
Critics, however, argue that the government should first ensure transparency and trust in the tax system before implementing such sweeping surveillance measures on citizens’ finances.
As January 2026 draws closer, stakeholders across the banking, business, and legal sectors are expected to weigh in on the implications of this policy. One thing is certain: financial opacity is on borrowed time in Nigeria.
PIONEER NEWS 