Alayaki Korede

Don’t delay your investment journey — every day you wait, you lose potential growth. The right time to invest is now.

Since inflation is always working against your money, you must also make your money work for you through investing — or else, you’ll keep losing purchasing power over time.

You can’t become wealthy just by wishing — you must act wisely, stay patient, and invest with discipline to build real financial success.

The new tax law clearly sets limits and expectations, and any serious business must learn and follow them to survive and thrive.

it’s better to start small and be consistent than to keep waiting for the “perfect time” or a big amount of money — because time and discipline grow wealth more than size alone.

Tax Reform 2026: Add Narration to Every Bank Transaction

Starting from 2026, the Federal Inland Revenue Service (FIRS) will begin enforcing a new compliance rule under Nigeria’s ongoing tax reform initiative — all individuals and businesses must include clear narrations for every bank transaction.

This policy aims to enhance financial transparency, reduce tax evasion, and make it easier for authorities to trace the purpose of funds flowing through bank accounts. In other words, every transfer, payment, or deposit you make should carry a short description stating what the money is for — for example, “payment for consultancy services”, “purchase of goods”, or “loan repayment.”

Failure to provide clear narrations could attract scrutiny during tax audits or lead to questions about undeclared income, especially for business accounts.

For business owners and professionals, this means:

Always use specific and accurate descriptions in your transfers.

Avoid vague terms like “payment” or “miscellaneous.”

Keep your financial records consistent with your tax filings.

This reform aligns with the government’s broader push for a more transparent and data-driven tax system, leveraging digital banking records to identify taxable income and curb money laundering.

In summary, from 2026, think of your transaction narration as your first line of tax defense — simple, honest, and compliant.

📢 ATTENTION BUSINESS OWNERS!
Nigeria’s tax landscape has changed — are you ready for what’s coming?

Join us for a power-packed live webinar:

🗓 Saturday, 11th October, 2025, by 6pm WAT
📍 Online (from the comfort of your office or home!)

💡 "The New Tax Law: How It Affects Business Owners"
Whether you're a startup founder, SME operator, or corporate executive, this session will reveal:

✅ The real changes in the new tax legislation
✅ What it means for your business – profitability, compliance & penalties
✅ Strategic tips to stay ahead and avoid costly mistakes
✅ Answers to your burning tax questions – live Q&A included!

🧠 Hosted by a seasoned chartered accountant and tax consultant who knows how to break down complex tax jargon into clear, actionable insight – you’ll leave informed and empowered.

👉 Register now and protect your business from tax surprises.