How Nigeria’s New Tax Rules Could Affect Freelancers and Small Businesses
Nigeria’s tax authorities are increasingly able to compare tax returns with information obtained from banks and other financial institutions. Reporting requirements apply when cumulative monthly transactions reach ₦25 million for individuals or ₦100 million for corporate bodies. A large amount entering your account is not automatically taxable income. A freelancer, remote worker or small-business owner may receive client payments alongside transfers from personal savings, loans from friends, or money moved between their own accounts. The key is being able to explain each transaction. Keep invoices, contracts, payment confirmations and records for non-business transfers. Your bank statement shows money received, but your records should show what that money represents.
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