(DDM) – The Nigeria Revenue Service (NRS) has clarified that personal savings held in bank accounts will not be subject to taxation under the country’s new tax laws.
DDM gathered that the announcement was made on Tuesday, January 13, 2026, in Abuja, following public concern over reports suggesting that ordinary bank deposits could attract taxes.
The head of the Revenue Service explained that the new tax policy applies only to profits earned from investments, interest-bearing accounts, and other income-generating activities, not to the principal amounts held in personal or corporate accounts.
Officials emphasized that routine bank transactions, including salary payments, transfers, and personal deposits, remain entirely tax-free, reassuring Nigerians about the safety of their savings.
The clarification comes amid growing public anxiety that the new tax laws could target everyday citizens, potentially eroding trust in the tax system and financial institutions.
Revenue Service authorities noted that the policy aims to protect ordinary citizens while ensuring that income, capital gains, and profits are fairly taxed, in line with international best practices.
Financial analysts welcomed the clarification, stressing that tax certainty is essential for encouraging savings, investment, and overall economic stability.
Observers also noted that misinformation surrounding taxation of bank deposits can trigger unnecessary panic, financial disruption, and confusion among the public.
The NRS urged Nigerians to rely solely on official statements from the agency to avoid falling victim to rumors or unverified reports circulating on social media.
Experts highlighted that clear communication by revenue authorities is vital for fostering compliance, public confidence, and transparency in the tax system.
The agency also reiterated that the government’s focus is on income and profit taxation, which supports national development projects, infrastructure, and social welfare programs, rather than penalizing ordinary savers.
Banking sector insiders said the clarification would help maintain trust in Nigeria’s financial system, encourage account retention, and promote the culture of saving among citizens.
The Revenue Service also reminded the public that business profits, investment returns, and certain financial gains remain taxable and must be reported in accordance with the law.
Authorities further explained that the new tax framework seeks to modernize Nigeria’s fiscal policies, streamline revenue collection, and ensure equity between different income groups.
NRS officials confirmed that the clarification would be widely communicated to prevent misunderstandings and ensure that citizens fully understand their rights and obligations under the new tax regulations.
The announcement is expected to calm public fears and reinforce confidence in Nigeria’s tax administration, while ensuring that wealth generation and investment continue to be fairly taxed.
