Tax Matter We Don Clear: No Tax on Your Bank Balance

Wetin dey happen my people? Na so Chairman of Chartered Institute of Taxation for Abuja, Ben Enamudu, don come clear air about tax wahala wey dey disturb many pipo for Naija.

So, make we hear am well: dem no dey tax your money wey dey your bank account oh! Na only certain electronic transfers go attract ₦50 stamp duty. Na true be say this tax reform na to protect low-income earners. E mean say we fit breathe small.

For this arrangement, if you dey transfer money from your account to another person, only the sender go pay ₦50 stamp duty. If you dey move money between your own accounts for same bank, no wahala—no stamp duty. But, the moment you carry your money go another bank, dem go hit you with the stamp duty. E get levels!

Enamudu talk say dem no dey charge stamp duty for salary accounts, and any transfer wey below ₦10,000 na free pass. E no go jam you. But as soon as e pass that ₦10,000 mark, you go need to part with that ₦50.

And no forget say essential things like food, medical care, and education still dey exempt from VAT. So, no be all wahala dey follow tax matter. E get some relief for rent too! If you be tenant, you fit collect 20% relief from your rent, but no go exceed ₦500,000. If your rent na ₦3 million, your relief fit be ₦600,000, but they go cap am for ₦500,000. Smart innovation, abi?

Make I yan about compliance: Na self-assessment be the system wey dem dey use for tax clearance now. As your boss dey pay PAYE for your salary, if you dey collect money from other places like rent or business, you gatz declare am by yourself. Everything wey enter your pocket gatz show for tax side.

Also, the state government go start to dey use presumptive taxation for informal operators like market women. Na dem wey dey manage to survive di hustle. Enamudu clear sey di new tax law dey protective of those wey no dey earn plenty. E talk say di law na pro-poor, so it get our backside!

But abeg, make we clear dis ₦800,000 figure when dem dey talk about taxable income. E no mean sey if you earn ₦800,000 you go pay tax—na if your taxable income reach dat level based on all dem deductions wey dem go do first. E go sweet if your income no cross dat ₦800,000 after all dem deductions.

The new law don start to dey work since January 4, 2026, and dem dey plan to roll more effective systems to make this tax matter easy for everybody. President Bola Tinubu don talk sey this tax reform be golden chance to build beta financial system for Naija, so we gatz trust di process.

Make we all dey alert and follow the news, because as e dey hot, na so e dey change! No allow anybody mislead you about your money and tax matter o. Stand gidigba, your money safe!