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11 Days to Tax Reform: Will my bank account be blocked from Jan 1, 2026 if I don’t have TIN?
Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr. Taiwo Oyedele, has allayed widespread fears among Nigerians over the impending tax reforms scheduled to take effect from January 1, 2026, insisting that the exercise is not designed to overburden citizens with higher tax rates or arbitrary revenue targets.....TAP TO CONTINUE READING
Speaking at the 2025 Nigeria Media Merit Award (NMMA) ceremony in Lagos last weekend, Oyedele said tax reform goes beyond rates and revenue, stressing that it is fundamentally about rebuilding trust between citizens and the state. “Tax reform is not just about loss, rates, or revenue generation.
At its core, it’s about the social contract of trust between citizens and the state. People ask simple but powerful questions: Why should I pay tax? How is my money being spent? Is the system fair, such that everyone pays their fair share or is it just me paying?” he said.
According to him, such questions cannot be addressed by government alone, but require credible, independent and informed media engagement, noting that tax policy is particularly vulnerable to misinformation because of its direct impact on livelihoods.
”A credible tax system requires fair laws, honest administration, voluntary compliance, and vigilant public scrutiny of how taxpayers’ money is spent.
On our part, we remain committed to reforms that are fair, inclusive, and worthy of public trust,” Oyedele assured. Against this backdrop, the committee has responded to frequently asked questions by Nigerians on the Nigeria Tax Act (NTA) 2025, which becomes operational in 2026.
Key Questions and Answers on the New Tax Law
1.Which individuals does the Nigerian Tax Law apply to? It applies to all individuals who earn income in Nigeria — workers, traders, content creators, influencers, remote workers — and to Nigerians earning income abroad if they are tax residents in Nigeria.
Will transfers and deposits into my bank account be taxed? No. Moving money through POS, bank transfers, deposits or withdrawals is not a taxable event. Only income earned is taxed.
Will the money I keep in my bank account be taxed from 2026? No. Simply holding money in a bank account is not taxable. Only income such as salary, business profit or interest is taxed.
I am a student with no job. Do I pay tax? No. If you have no taxable income, you won’t pay tax.
Will tax authorities monitor bank accounts more closely? Yes. Authorities will find it easier to track compliance, but bank balances themselves will not be taxed only profits and income.
Will I pay tax on loans borrowed from Fairmoney or other lenders? No. Loans are not income and are therefore not taxable. However, the interest earned by the lender will be taxed.
I run a one-man business. Do I pay personal or company income tax? If registered as a business name (enterprise), you pay Personal Income Tax (PIT). If registered as a limited liability company, you pay Company Income Tax (CIT).
If I sell shares and make a profit, will I pay tax? No, provided the value of shares sold does not exceed N150 million and the gain is not above N10 million. Gains above this threshold become taxable.
I am a pensioner. Will my pension be taxed? No. Approved pension and retirement benefits remain tax-exempt.
10. Are military salaries taxable? No. Salaries of military officers are now exempt from tax.
11.Do creatives still enjoy tax exemptions on foreign income? No. Authors, musicians, sportsmen and other creatives must now pay Nigerian tax on income earned both within and outside Nigeria.
12. Are crypto gains taxable? Yes. Profits from crypto assets, NFTs and other digital assets are taxable.
13. Who is exempt from Personal Income Tax? Individuals earning the national minimum wage or less, and those earning below N800,000 annually.
14. New Progressive Tax Bands (From 2026) First N800,000 @ 0% Next N2.2 million @ 15% Next N9 million @ 18% Next N13 million @ 21% Next N25 million @ 23% Above N50 million @ 25%
15. Will severance packages be taxed? Severance pay of N50 million or less is tax-free. Any excess above N50 million will be taxed using the progressive tax bands.
16. Will Nigeria tax dividends or rent earned abroad? No. Dividends, interest, rent and royalties earned abroad are exempt if repatriated to Nigeria through approved banking channels.
17. Are disability pensions for injured soldiers taxable? No. Disability pensions for members of the armed forces are completely tax-exempt.
18. Will agricultural companies be taxed? No. Agricultural companies engaged in crop production, livestock, forestry, dairy or cocoa processing will enjoy a five-year tax holiday from the commencement of operations.
19. Is income from Federal or State Government bonds taxable?
No. All government bonds are tax-exempt.
20. What is rent relief under the new law?
From 2026, individuals can claim rent relief of 20% of annual rent, capped at N500,000. Actual rent must be declared and verified.
21. I earn N6 million yearly. Will I be better off?
Under the new law, tax payable drops from N896,000 to N780,000, resulting in savings of N116,000 and higher take-home pay.
22. If my company’s turnover is below N50 million, will it pay by tax?
No. Small companies with a turnover below N50 million are exempt.
23. As a remote worker in Nigeria for an international organisation, will I pay tax?
Yes, if your income is exempt in the organisation’s home country under a treaty or diplomatic arrangement.
24. Will a foreigner earning a salary in Nigeria be taxed?
No, if the employer is a start-up or operates in tech or creative industries, and the income is already taxed in the foreigner’s country of residence.
Will I be denied access to my bank account if I do not have TIN by January 1?
No. Any person without Tax Identification of Number, TIN, can still have access to its bank account, but will be asked to supply it as time goes on.
However, those who want to open a new bank account without TIN may not be allowed.
Oyedele reaffirmed that the reforms are structured to protect low-income earners, expand fairness, and improve voluntary compliance, while ensuring that Nigeria’s tax system supports growth, inclusion and accountability.
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The Kano State Government has announced that the Emir of Kano, Muhammadu Sanusi II, will lead this year’s Eid-el-Fitr Durbar, even as it unveiled strict guidelines to prevent a breakdown of law and order during the celebrations.....TAP TO CONTINUE READING
The government said the decision, approved by Governor Abba Kabir Yusuf, followed credible intelligence reports indicating attempts by some individuals to create unrest during the Sallah period.
In a statement issued on Wednesday by the Commissioner for Information and Internal Affairs, Ibrahim Abdullahi Waiya, the government said it remained committed to preserving Kano’s cultural heritage but would prioritise peace and security.
According to the statement, Hawan Idi (Eid Durbar) will be conducted by Emir Sanusi from the Kofar Mata Eid Ground through designated routes to Gidan Shettima, terminating at Kofar Fatalwa of the emir’s palace.
It added that Hawan Nasarawa would be held in a modified form without horseback displays, while Hawan Daushe, Hawan Fanisau and Hawan Dorayi have been suspended for the time being in the interest of public safety.
The government said all security agencies had been directed to intensify surveillance and ensure strict compliance with the directives before, during and after the festive period.
It urged residents to remain calm, law-abiding and cooperative with security agencies, while cautioning against the spread of unverified information.
The government further assured the public of its commitment to a peaceful and hitch-free Sallah celebration, wishing Muslims in the state a joyous Eid-el-Fitr.
The Durbar, a centuries-old cultural procession, has been thrown into uncertainty following conflicting statements from government officials on whether it will hold this year, given the unresolved legal battle between Sanusi II and Aminu Ado Bayero.
While Governor Yusuf reinstated Sanusi II in 2024, Bayero continues to contest his dethronement in court, leaving the emirship in dispute.
The government recently hinted that the stool controversy would soon be resolved.
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Yoruba nation agitator, Sunday Adeyemo, popularly known as Sunday Igboho, has dismissed comments by human rights activist and former presidential candidate, Omoyele Sowore, over what he described as transactional politics and activism.....TAP TO CONTINUE READING
PUNCH Online reports that Sowore’s comment followed a viral video in which the activist criticised what he described as “transactional politics” among some regional agitators and influencers, accusing them of aligning with political actors for personal or material benefit.
In the video, Sowore appeared to reference Igboho, suggesting that his recent political positions, including support for President Bola Tinubu’s potential re-election bid, reflected what he termed “amala politics” — a colloquial expression often used to imply opportunistic or interest-driven engagement rather than principled activism.
Igboho, in a statement issued by his media aide, Olayomi Koiki, in Ibadan, the Oyo State capital, on Tuesday, criticised Sowore for allegedly describing his activism as “amala politics” in a recent viral video circulating on social media.
He described the comment as an inconsequential rant that should be ignored by the public.
Igboho argued that his agitation for improved security in the South-West and his support for the second-term bid of President Bola Tinubu in 2027 were constitutional rights aimed at promoting the collective interests of the Yoruba people and the development of Nigeria.
He said, “We strongly reject the characterisation of Igboho’s activism as transactional. Such a myopic position misrepresents the intent and focus of our agitation on effective grassroots security in the South-West and Nigeria as a whole.
“How many protests did Sowore organise to push for my freedom? Sowore’s claim of fighting for the masses contradicts his alleged daily lodging expenses of N450,000 at a popular Lagos hotel.
“I cannot be compelled to endorse political figures such as Peter Obi or Atiku Abubakar, or even align with Sowore’s political platform. I have the right to make independent political decisions based on the security and collective interests of the Yoruba people.”
He added that Igboho’s advocacy prioritises addressing insecurity across Yorubaland, including killings of farmers, kidnappings along highways and attacks on traditional rulers and royal institutions.
Koiki, however, clarified that these concerns form the basis of Igboho’s movement rather than any ambition for political office or revolutionary leadership.
The statement added, “While Sowore has consistently promoted nationwide revolution as a pathway to leadership, Igboho’s approach is rooted in protecting lives, land and property within Yoruba territory. This agitation is a response to real and ongoing threats faced by communities in the region.
“Latest security incidents in northern Nigeria, including reported explosions in Maiduguri on March 16, 2026, also raise questions about the broader effectiveness of long-term revolutionary advocacy.
“We challenge Sowore to assess the situation in his home state of Ondo State, considering the growing cases of banditry, kidnapping and attacks on rural communities.”
The statement added that the impact of insecurity on vulnerable groups, including farmers, traditional rulers, women and children, had been severe, with several communities reportedly affected.
“These realities reinforce Igboho’s long-standing call since 2020 for localised security measures and stronger regional protection strategies.
“Labelling our agitation and efforts as ‘amala politics’ undermines the urgency of the security crisis and the legitimacy of grassroots agitation,” the statement concluded
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The continuous detention of the former governor of Kaduna State, Mallam Nasir El-Rufai, has sparked reactions from politicians and socio-political activists.....TAP TO CONTINUE READING
DAILY POST reports that the former governor has been in the custody of the Independent Corrupt Practices and Other Related Offences Commission, ICPC, over an ongoing investigation into alleged financial impropriety when he was governor.
El-Rufai had earlier spent two nights in the custody of the Economic and Financial Crimes Commission, EFCC, before he was picked up by the Department of State Services and then later handed over to the ICPC.
His continuous detention has sparked outrage among citizens who are calling on the commission to immediately charge the former governor to court.
Popular socio-political activist, Aisha Yesufu, said in a post on X that “holding a citizen indefinitely without trial” is impossible.
According to her, “that is not justice. That is not accountability. That begins to look like persecution.
“Every Nigerian, no matter how powerful or unpopular, has the right to a fair hearing. That right is not a favour from the government. It is a constitutional guarantee. If El-Rufai committed crimes, then prosecute him. Nigerians will support that. But what we must never
Support is a system where the government can detain anyone endlessly, simply because it can.
“Today, it may be El-Rufai. Tomorrow, it could be anyone else who speaks or acts in a way that those in power do not like. A democracy must be better than that.
“So the message is simple: charge him in court or release him. Let justice be done openly, lawfully, and transparently. That is the only way a nation that claims to respect the rule of law should act”.
Similarly, an activist lawyer, Deji Adeyanju, in an interview he posted on X on Wednesday, demanded that the former governor be charged to court immediately, condemning El-Rufai’s incarceration.
“No matter the allegations, I think he should be charged in a court of competent jurisdiction so that he can face the music.
“All these things currently going on don’t look tidy to me”, he said.
On his part, Paul Ibe, a media aide to the former vice president, Atiku Abubakar, lambasted ICPC for not charging the former governor to court.
In a statement on his X handle, Ibe accused the Commission of taking sides with the President Bola Tinubu-led administration.
He wrote, “The matter of the former Governor of Kaduna State, Mallam Nasir el-Rufai @elrufai has proven beyond measure that the ‘I’ in ICPC (Independent Corrupt Practices and Other Related Offences Commission) @icpcnigeria represents Illegal or Irresponsible.
“There’s nothing Independent about the Commission. They’re no different from all the other institutions of state that are standing on Tinubu’s mandate. The ICPC is nauseatingly pliable and has disgracefully made itself available in coercing members of the opposition into the ruling party”!
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