business

FG Mandates Banks to Report Monthly Transactions Above N5 Million

Published

2 months ago

July 11, 2025

Nigerian Banks to Report Monthly Transactions Over ₦5 Million Under New Tax Law

Nigerian commercial banks are now required to report all customer accounts with monthly transactions exceeding ₦5 million to the Federal Inland Revenue Service (FIRS) and other relevant tax authorities. This directive is part of the newly enacted 2025 Tax Reform Act, aimed at improving financial transparency and tightening oversight of taxable income.

The policy, outlined in Section 30 of the Act, was announced by the National Orientation Agency (NOA) as a critical measure to combat tax evasion and align Nigeria’s tax system with global standards. According to the NOA, this reform is a clear signal that the government is intensifying efforts to bring high-net-worth individuals and informal sector players into the formal tax net.

Experts say this move could significantly enhance revenue generation by helping tax authorities trace undeclared income, especially in sectors previously difficult to monitor.

Key Provisions of the 2025 Tax Reform Act

1. Transaction Reporting Threshold:
Banks must report any customer account where monthly inflows or outflows exceed ₦5 million. This measure is intended to identify potential tax liabilities that may not be voluntarily disclosed.

2. Personal Income Tax Relief:
Individuals earning up to ₦800,000 annually (₦66,667 monthly) will now be exempt from personal income tax. This is an increase from the previous threshold of ₦500,000 and is designed to cushion the effect of rising living costs for low-income earners.

3. Capital Gains & Compensation Exemptions:

Section 31: Gains from the sale of a primary residence are now exempt from capital gains tax.
Section 50: Compensation payments up to ₦10 million in cases of injury, job loss, or defamation are also tax-exempt.

4. Revised VAT Distribution Formula (Effective 2026):

Federal Government: Share reduced from 15% to 10%
States: Increased to 55% (up from 50%), allocated as follows:
- 50% equally among states
- 20% based on population
- 30% based on consumption
Local Governments: Retain their 35% share

This revised formula is expected to encourage states with high consumer activity—like Lagos and Rivers—to drive internal revenue growth through economic expansion.

Mixed Reactions from Stakeholders

While tax experts have applauded the reforms as a bold step toward transparency and inclusivity, privacy advocates and some financial institutions have voiced concerns. They are urging the government to implement clear data protection protocols to prevent abuse of the transaction reporting requirement.

What’s Next?

Implementation of the ₦5 million transaction reporting rule and other provisions of the Tax Reform Act is set to begin in 2026. As the reforms roll out, focus will shift to their impact on tax compliance, revenue generation, and public spending behavior across Nigeria.

The success of these reforms will depend not only on enforcement but also on public trust—built through transparency, data protection, and sustained public education.

business

Discover Life-Changing Digital Products You Can Buy Today on Selar

Published

2 weeks ago

September 1, 2025

globa_admin

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business

We are Hiring: Social Media Growth Ambassadors (2 Positions)

Published

4 weeks ago

August 18, 2025

globa_admin

Remote | Part-Time or Flexible Hours

Are you active on social media and passionate about business, jobs, and opportunities?
Do you know how to attract attention, spark engagement, and drive traffic online?
Then this opportunity is for you!

Role Overview:

We are looking for 2 dynamic individuals to serve as Social Media Growth Ambassadors for GlobabizEmpire.com — a trusted online platform for global jobs, business insights, and income opportunities.

Key Responsibilities:

Promote GlobabizEmpire.com consistently on Facebook, Instagram, WhatsApp, TikTok, or X
Share daily job updates, business news, and smart money tips from the website
Drive website traffic using content, trends, reels, and referral links
Respond to DMs/comments and convert viewers into website visitors
Provide weekly reports on reach, impressions, and traffic performance

What You’ll Need:

A strong presence on social media (min. 2,500 followers on at least one platform)
Great communication skills and social media creativity
Consistency and accountability
Passion for helping people grow their careers or income

What You’ll Get:

Monthly stipend + performance-based bonus
Opportunity to grow your personal brand with us
Free digital training + content materials
Certificate of Digital Advocacy (upon successful campaign)

How to Apply:

Send us a message with:

Your full name
Link to your active social media profiles
Short message on why you are the perfect fit
Screenshot of your past engaging post (if available)

Email: [email protected]
WhatsApp: +234 8153507382
Deadline: August 22, 2025

business

NEXIM Bank and SMEDAN Partner to Strengthen SME Export Capacity Nationwide

Published

2 months ago

July 25, 2025

globa_admin

NEXIM Bank and SMEDAN Sign Landmark MoU to Boost SME Export Growth in Nigeria

In a bold move to strengthen Nigeria’s small business ecosystem, the Nigerian Export-Import Bank (NEXIM) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have signed a groundbreaking Memorandum of Understanding (MoU) aimed at accelerating the growth and global competitiveness of Small and Medium Enterprises (SMEs) across the country.

A Strategic Partnership for Economic Transformation

This MoU formalizes a strategic alliance between NEXIM and SMEDAN, focusing on:

Export financing and access to global markets
Tailored financial products for SMEs
Capacity-building and training programs
Promotion of Made-in-Nigeria products internationally

The collaboration is expected to streamline trade facilitation and offer Nigerian SMEs the tools and support needed to thrive in international value chains.

Empowering SMEs for Global Competitiveness

Speaking at the signing ceremony, Abba Bello, Managing Director/CEO of NEXIM Bank, emphasized the significance of this partnership in preparing Nigerian SMEs to compete globally, particularly under the African Continental Free Trade Agreement (AfCFTA).

“This collaboration with SMEDAN is a critical step in our mission to empower Nigerian SMEs. By combining our financial instruments with SMEDAN’s development expertise, we are creating a robust support framework that enables small businesses to scale and succeed in export markets,” Bello said.

Removing Barriers and Unlocking Opportunities

On his part, Charles Odii, Director-General of SMEDAN, noted that the agreement will help eliminate major hurdles that have long hindered SMEs from tapping into international markets.

“Our goal is to ensure Nigerian SMEs have not just the skills but also the financial backing to grow. This MoU with NEXIM Bank paves the way for real participation in global trade,” Odii remarked.

He also outlined key focus areas of the collaboration:

Providing export-oriented financing solutions
Offering expert training and advisory services
Simplifying export processes for MSMEs

🇳🇬 Aligning with Nigeria’s Economic Diversification Agenda

This partnership supports the federal government’s broader vision of economic diversification and inclusive growth, particularly through public-private partnerships that empower micro, small, and medium-sized enterprises (MSMEs).

About the Agencies

NEXIM Bank, established under Act 38 of 1991, is Nigeria’s official Export Credit Agency, providing financing, risk management, and advisory services to support the development of non-oil exports.

SMEDAN, created by the SMIDA Act of 2003, is the federal government’s leading institution tasked with fostering the growth, sustainability, and global competitiveness of MSMEs across Nigeria.