Starting January 2026, Nigerian banks and financial institutions will be required to report individual transactions above N25 million and corporate transactions over N100 million to the newly renamed Nigeria Revenue Service (NRS).
This is part of sweeping tax reforms under the new Nigerian Tax Act, which aims to improve revenue collection, promote transparency, and combat financial crimes such as money laundering and tax evasion.
The Federal Inland Revenue Service (FIRS) will now operate as the NRS to reflect its expanded powers and responsibilities.
According to the Act, all banks, insurance companies, fintechs, and stockbroking firms must submit quarterly reports showing the names and addresses of customers whose total monthly transactions exceed the stated thresholds.
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They must also report all new customer details, whether requested by tax authorities or not.
Previously, banks were only required to report deposits above N5 million, but the new policy shifts the focus from single deposits to total monthly transactions.
This move is part of Nigeria’s broader effort to align with global financial standards after the country was placed on the Financial Action Task Force (FATF) grey list in 2023 for lapses in its anti-money laundering measures.
Experts believe the policy will boost Nigeria’s chances of being removed from the FATF list, improve domestic revenue generation, and close long-standing loopholes in the financial system. However, some critics have raised concerns about potential overreach and data privacy risks, especially if safeguards aren’t strictly enforced.
Government officials insist the reforms are necessary for Nigeria to meet its revenue targets and build a stronger, more accountable economy.
Financial institutions are advised to update their internal systems and prepare for the new regime ahead of the 2026 deadline.
