The Chairman of the Chartered Institute of Taxation of Nigeria (CITN), Abuja District, Ben Enamudu, has refuted reports that bank balances are subject to tax under Nigeria’s new tax regime. He explained that only specific electronic transfers attract a ₦50 stamp duty, adding that the reforms are aimed at protecting low-income earners.
Speaking in an interview with ARISE News on Tuesday, Enamudu said misinformation about the reforms—particularly around bank transfers and income thresholds has caused undue concern among Nigerians.
“The narrative out there, which is the wrong narrative, is that the money in your bank account will be taxed. There is no provision for that in our tax laws. Nobody taxes the money in your bank account,” he said.
Enamudu noted that the ongoing confusion has caused unnecessary anxiety among citizens, particularly low-income earners. He emphasized that the tax reforms are deliberately structured to be equitable and protective of vulnerable groups, adding that individuals below the taxable income threshold are exempt from personal income tax.
He urged Nigerians to seek accurate information from credible sources and assured the public that the institute would continue to provide guidance to improve understanding of the country’s tax policies and reforms.