28/12/2025
*IMPORTANT NOTICE REGARDING MONEY TRANSFERS (2026)*
Starting from *January 2026*, please ensure that *any money you send* to anyone comes with a *clear description* or *payment remark*. This is *very important* for tax purposes.
Use descriptions like:
- *Gift*
- *Loan*
- *Loan Repayment*
- *House Rent*
- *School Fees*
- *Feeding*
- *Medical*
- *Support*,
- School fees etc.
*Why this matters:*
In 2026, any money entering your account *without a description* may be treated as *income*, and *IRS (or relevant tax authority)* could tax it — or even worse, ask you to explain the source.
The *first ₦800,000* may be *tax-free*, but after that, any unexplained funds might attract up to *20% tax*, or in extreme cases, lead to legal issues.
So please:
- *Always include a payment remark.*
- *Avoid using USSD or apps that don’t allow descriptions.*
- *Ask the receiver for the correct description BEFORE Sending.
*PLEASE RESHARE THIS WITH OTHERS!*