FG Orders Banks to Report Monthly Transactions Over ₦5 Million to FIRS Starting 2026

FG Orders Banks to Report Monthly Transactions Over ₦5 Million to FIRS Starting 2026

Beginning in January 2026, every bank in Nigeria will have to report any account that sees more than ₦5 million in monthly transactions to the Federal Inland Revenue Service (FIRS).

This initiative is part of a new tax law designed to enhance tax compliance and broaden the country’s revenue base. However, Nigerians are already voicing their concerns:

“Isn’t this just another surveillance law dressed up as reform?” “Why not focus on tracking corrupt officials instead of putting pressure on honest business owners?”

While the FIRS argues that this is a step towards combating tax evasion, critics worry it could lead to harassment of small businesses, compromise financial privacy, and add more red tape in an already challenging economic landscape.

Will this change affect you or someone you know? What will it mean for the average entrepreneur, freelancer, or small to medium-sized enterprise?