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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?

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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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Oyo police intercepts truck conveuing explosives in Saki

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The Oyo State Police Command has announced an operational success recorded following an intelligence-led operation.....TAP TO CONTINUE READING

Acting on credible intelligence, operatives of the Command intercepted a truck conveying materials suspected to be explosive devices during a stop-and-search operation in Saki, Oyo State. The truck and the suspected materials were promptly secured and are currently in police custody.

Upon receiving a briefing on the development, the Commissioner of Police, Oyo State Command, CP Femi Haruna, immediately ordered a comprehensive investigation into the matter.

Consequently, specialised personnel of the Explosive Ordnance Disposal (EOD) Unit and the Chemical, Biological, Radiological and Nuclear (CBRN) Unit were deployed to safely secure the items for safekeeping and forensic examination. Detailed forensic analysis has since commenced, alongside a thorough and robust investigation to determine the exact nature of the items and their intended use.

The truck driver has been taken into custody and is cooperating fully with investigators as efforts continue to unravel all the circumstances surrounding the incident.

The Commissioner of Police commended the Inspector-General of Police, IGP Kayode Adeolu Egbetokun, for his unwavering support, strategic leadership, and continued provision of operational guidance that enhance proactive, intelligence-driven policing across the country.

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Benue: Armed bandits kill motorcyclist, injure woman in Apa LGA

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One person has died and another sustained injuries following an assault by suspected armed bandits in Apa Local Government Area of Benue State.....TAP TO CONTINUE READING

According to sources, the attack took place on January 24 around 4:00 p.m. along the Amoke–Odugbo road in Ukpogo Village, Edikwu Ward.

The victims, identified as Mr Joseph Okoh and Miss Aneh Sunday, both from Ogodumo, Adoka in Otukpo LGA, were reportedly riding a motorcycle when the assailants struck.

“They were rushed to the Comprehensive Health Centre, Ugbokpo, where Mr Okoh was confirmed dead while receiving treatment. Miss Sunday is currently admitted and responding to treatment,” the source stated.

Nigerian troops were quickly deployed to the area, and a search operation in the surrounding bushes is ongoing to apprehend the attackers.

“The Criminal Investigation Department has commenced an investigation into the incident,” the source added.

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2026 UTME: JAMB scraps special privileges for albino candidates over malpractices

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The Joint Admissions and Matriculation Board has scrapped special concessions and registration procedures previously granted to candidates with albinism for the 2026 Unified Tertiary Matriculation Examination, citing abuse of the privilege to perpetrate examination malpractice.....TAP TO CONTINUE READING

The Board also warned faith-based tertiary institutions to clearly declare their religious status at the point of admission, saying it is deceptive to present as secular and later impose religious rules on students.

As reported by Vanguard, these decisions were taken on Saturday at a meeting between JAMB management, led by its Registrar, Prof. Isaq Oloyede, and Commissioners for Education from the 36 states of the federation and the Federal Capital Territory, held in Ikeja, Lagos.

Oloyede said the meeting was convened to review and assess previous admission exercises.

He noted that despite safeguards introduced by the Board, some individuals remained determined to circumvent the system.

“We have stopped some concessions we gave albino candidates. This is because some are using artificial intelligence to manipulate the registration process to look like they are albinos because of the consideration we gave them.

“Last year alone, over 7,000 claimed to be albinos. We have stopped special registration procedures for albinos,” he said.

Addressing complaints from candidates admitted into some private institutions over compulsory religious instruction, Oloyede urged faith-based schools to be transparent.

“Faith-based institutions should declare from the onset what they are, so that whoever applies there will know what he is going to meet there. But some don’t do that. They will pretend to be secular, but once students are admitted, trouble will begin over religious instruction and injunctions.

“If you are a faith-based institution, say so. The law allows you to set up faith-based schools,” he said.

On last year’s UTME, where the highest-scoring candidate was later found to be a 300-level university student, the JAMB registrar said investigations showed that some undergraduates sit for the examination to change courses or assist others to secure admission.

“Students who are already in school but want to change courses and are applying again must declare and disclose their status.

“We have found that some candidates already in school are writing the examination for other candidates. Last year, the candidate who scored the highest was found to be a 300-level student in the university.

“Henceforth, any candidate found engaging in such an act, and who fails to disclose that he is already in school but wants to change course, will be disqualified and will also lose his current admission,” he said.

On admission criteria, Oloyede explained that federal government-owned institutions allocate 45 per cent on merit, 20 per cent on catchment area, 20 per cent to educationally disadvantaged states, while the remaining slots are allocated to other considerations.

“Each owner or state has the right to decide what its admission criteria will be. But for states, we encourage them to allocate at least 10 per cent to merit, regardless of where the candidates come from.

“This is to diversify the student population and admit eggheads from different communities,” he said.

He criticised some states for establishing new universities despite not fully utilising their admission quotas in existing federal institutions.

On underage candidates, Oloyede said 16 years remained the minimum admission age, noting that an attestation process was in place for exceptional cases.

“Last year, about 42,000 claimed to be underage. After evaluation, only 78 met the criteria and were admitted. We are not saying there are no talented candidates, but the figure looks outlandish,” he said.

The issue of how to engage underage candidates during a gap year divided opinions at the meeting, but a majority voted for JAMB to continue its special assessment process.

The meeting also observed that parental pressure on children to complete their education too quickly was a major contributor to the problem.

On efforts to curb examination malpractice, Oloyede said JAMB had stopped the movement of computers between Computer-Based Test centres.

“A computer registered in a particular centre will remain there and is not transferable to another centre. Some people borrow computers to get accredited and later move them around,” he said.

He dismissed claims that candidates were posted to towns they did not choose, saying personal data used for registration were drawn directly from the National Identification Number submitted by candidates.

Providing an update on the 2025 UTME, Oloyede said 974,855 candidates had so far been admitted out of about 1.95 million who sat for the examination.

He added that over N2.4 billion had been disbursed to institutions that consistently complied with JAMB’s rules over the past 10 years, and that the meeting agreed that schools producing the best candidates should be compensated.

On accreditation of CBT centres, Oloyede said the process involved teams comprising university vice-chancellors, rectors and provosts in each state.

He warned state governments against agreements with private promoters who might use centres to facilitate malpractice.

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Art & Commercial students don’t fail JAMB because they’re dull. They fail because they’re taught like Science students. Science students calculate — JAMB rewards that. Art students explain — JAMB doesn’t. So you read hard, attend lessons, yet your score disappoints you. This online class fixes that. No theory overload. No confusion. Just real JAMB questions, clear breakdowns, and winning strategies. 📌 JAMB is not hard — you were just taught the wrong way.Click The Link To Reach Us Now 👉 https://wa.me/2349063958940

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