FG Mandates Banks to Report Accounts With Monthly Transactions of ₦5 Million and Above from January 2026

Abuja, Nigeria – Beginning January 2026, all banks operating in Nigeria will be legally required to report bank accounts with total monthly transactions of ₦5 million and above to the Federal Inland Revenue Service (FIRS).

The directive, issued as part of the government’s efforts to enhance tax compliance and curb evasion, applies to both personal and business accounts. According to the new policy, any account with inflows and outflows that cumulatively amount to ₦5 million or more in a single month will be flagged and reported to tax authorities.

For example, an account that receives ₦3 million and disburses ₦2.5 million within one month—totaling ₦5.5 million in transactions—will be subject to this reporting requirement.

While the move does not imply automatic wrongdoing on the part of account holders, it signals increased scrutiny from tax authorities, especially for individuals or businesses whose declared income or tax filings do not align with their banking activity.

Government officials say the policy is aimed at improving revenue collection and fostering a culture of accountability in the financial system.

Financial experts have advised Nigerians to ensure that their tax records and bank transactions are consistent to avoid unnecessary complications.

The FIRS is expected to issue further guidelines ahead of the implementation date.