Under Nigeria’s newly consolidated tax laws, commercial banks will be required to report bank accounts with a quarterly turnover of ₦25 million or more to the tax authority principally the Federal Inland Revenue Service (FIRS) from January 1, 2026.
The reporting threshold was raised from the previous ₦10 million per quarter to ₦25 million, which equates to about ₦100 million annually before mandatory reporting kicks in.
According to Mr. Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, this policy aims to strengthen tax monitoring and broaden the tax compliance net without intruding on ordinary account holders.
Oyedele stressed that no authority including FIRS, the Central Bank of Nigeria (CBN), or banks has the power to unilaterally withdraw money from customer accounts for tax purposes. Any recovery of unpaid taxes would require due process and a court order.
The reforms also reinforce requirements for taxable individuals and businesses to link their accounts with a Tax Identification Number (TIN), a move intended to improve compliance and tracking.
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