The Federal Government has issued a new directive mandating all banks and financial institutions in Nigeria to submit monthly reports of financial transactions exceeding N25 million for individuals and N100 million for corporate entities to the Federal Inland Revenue Service (FIRS).

This move is part of efforts to enhance tax compliance, curb money laundering, and strengthen transparency within the financial system. According to the directive, the reports must detail qualifying inflows and outflows on a monthly basis, with immediate effect.

The decision is expected to heighten scrutiny on high-value transactions and may significantly impact wealthy individuals and large businesses. Authorities say the policy will improve revenue tracking and help identify tax evasion or suspicious financial activities. Further implementation guidelines are expected to be issued by the FIRS in the coming days.