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FG Mandates Banks to Report Monthly Transactions Above N5 Million

Published

4 months ago

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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.

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

Published

1 month ago

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September 24, 2025

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In today’s fast-paced world, knowledge truly is power. The people who thrive are those who continuously invest in themselves. Whether you want to learn a new skill, start a side hustle, improve your finances, or build a healthier lifestyle, the right digital product can open doors to opportunities you never imagined.

That’s why millions of smart people across Africa and beyond are choosing Selar—one of the largest digital product marketplaces. From ebooks, online courses, masterclasses, templates, business blueprints, and more, Selar gives you access to tools that can transform your life.

Why You Should Invest in Digital Products

  1. Instant Access – No waiting, no shipping delays. Get your product immediately and start applying what you learn today.

  2. Affordable Learning – Instead of wasting years figuring things out, you can gain insights directly from experts who have already succeeded.

  3. Proven Results – Every product is created by professionals with strategies and methods that have worked for them—and will work for you too.

  4. Lifetime Value – Buy once and keep coming back. You can re-learn, refresh, and apply the knowledge whenever you need it.

Who Needs These Digital Products?

These products are designed for:

  • Business owners who want to increase sales, attract more customers, and scale their operations.

  • Students and young professionals looking to master in-demand skills like digital marketing, UI/UX design, forex trading, or freelancing.

  • Entrepreneurs eager to discover profitable side hustle opportunities.

  • Anyone who wants to grow in health, wealth, and personal development.

How to Get Started on Selar

  1. Choose a Product – Below is a carefully selected list of high-value digital products that have helped thousands of people.

  2. Click the Link – Each product includes a direct link to purchase securely via Selar.

  3. Start Learning & Applying – You’ll gain instant access so you can begin your journey right away.

Recommended Digital Products You Can Buy Today

Here are some of the top digital products available now:

Final Thoughts

Investing in the right digital products can change your life, career, and finances. Instead of spending years figuring things out on your own, you can leverage the wisdom of experts and start seeing results faster.

Don’t wait—take action today. Each product listed above is designed to equip you with skills, knowledge, and opportunities that will continue to pay off for years to come.

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business

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

Published

2 months ago

on

September 1, 2025

By

In today’s world, knowledge is power—and the people who succeed are those who invest in themselves. Whether it’s learning a new skill, starting a side hustle, improving your finances, or building a healthier lifestyle, the right digital product can open doors to opportunities you never imagined.

That’s why millions of smart people across Africa and beyond are turning to Selar, one of the biggest marketplaces for digital products—from ebooks, online courses, masterclasses, templates, to business blueprints and more.

Why You Need These Digital Products

  1. Instant Access – No waiting, no shipping. Buy now and start learning or applying immediately.
  2. Affordable Investment – Instead of spending years figuring things out, you can learn from experts who’ve already succeeded.
  3. Proven Results – These products are created by professionals who have tested strategies and methods that actually work.
  4. Lifetime Value – Once you purchase, you can always come back, re-learn, and apply the knowledge again and again.

Who Can Benefit from These Products?

  • Business owners who want to grow sales, attract more customers, and scale faster.
  • Students and young professionals looking to learn in-demand skills like digital marketing, UI/UX, forex, or freelancing.
  • Entrepreneurs searching for side hustle opportunities to increase income.
  • Anyone who wants to improve in health, wealth, and personal development.

How to Get Started

  1. Choose a Product Below – I have carefully selected high-value digital products that have helped thousands of people.
  2. Click the Link – Each product has a direct link to purchase securely through Selar.
  3. Start Learning & Applying – You’ll receive instant access so you can begin right away.

Recommended Digital Products You Should Buy Today

(This is where you will list your affiliate product links with a short description for each, for example:)

  • Digital Marketing made Simple

https://selar.com/p/19b4zi?affiliate=8fpr

  • Affiliate Marketing Simplified

https://selar.com/p/323311?affiliate=emzc

  • Rare Easiest Affiliate Marketing Blueprint (REAMB)

https://selar.com/p/1482w7?affiliate=n3bz

  • The Top Level Video Editing Masterclass

https://selar.com/p/8yi8?affiliate=9agp

  • Crypto Profit Kit

https://selar.com/p/ejtf?affiliate=kjn7

  • Beginners and Advanced Crypto

http://Womenincrypto.selar.com/oqgd?affiliate=9cjc

  • Mini Beginners Course to Invest in Crypto Currency

https://selar.com/p/jsn1?affiliate=8lyn

  • Online IELTS Training PRO Edition (2022-)

https://selar.com/p/9v47?affiliate=rodi

  • Ghostwriting Income Generator

http://dangig.selar.com/qelh?affiliate=gxd5

  • Ghostwriting Income Network

http://coachannieg.selar.com/1m51b8468h?affiliate=mivc

  • Ghostwriting Money Magnet(GMM)

http://olaleregmm.selar.com/g84813?affiliate=3646

  • 7 Figure Meta Ads Academy

https://selar.com/p/6h15b7?affiliate=ccze

  • Simplified Online Survey Guide (GET PAY IN POUNDS)

https://selar.com/p/7210p5?affiliate=mwt8

  • Affiliate of Affiliate Marketing Sales Secret (AMSS)

http://victornathel.selar.com/k4gk?affiliate=iqxg

  • Life Of Options Program (LOOP)

https://selar.com/p/yotn?affiliate=co2u

  • Profitable Freelancing Academy

https://selar.com/p/4163r7?affiliate=s8ba

  • Mobile Videography Course: Learn How to Create Quality Videos with your Phone

https://selar.com/p/k7xi?affiliate=tpwp

  • Trade Like TONYSNIP3R

https://selar.com/p/i02p3k?affiliate=s25x

Final Thoughts

Investing in the right digital products can transform your life, career, and finances. Instead of wasting years trying to figure things out, you can leverage the experience of experts and start seeing results immediately.

Take action today by choosing from the products above. Each one is designed to equip you with skills, knowledge, and opportunities that will pay off for years to come.

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business

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

Published

3 months ago

on

August 18, 2025

By

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:

  1. Your full name

  2. Link to your active social media profiles

  3. Short message on why you are the perfect fit

  4. Screenshot of your past engaging post (if available)

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

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