BREAKING NEWS: Banks to Report Accounts with Monthly Transactions Over ₦5 Million to Tax Authorities from 2026

BREAKING NEWS: Banks to Report Accounts with Monthly Transactions Over ₦5 Million to Tax Authorities from 2026

Starting January 2026, Nigerian banks will be required to report all accounts with monthly transactions of ₦5 million and above to the Federal Inland Revenue Service (FIRS).

The directive is part of a broader move to strengthen tax compliance and improve revenue generation. 

Under the new policy, financial institutions must submit details of qualifying accounts to tax authorities for monitoring and assessment.