COURT RESTRAINS RESIDENT DOCTORS FROM EMBARKING ON STRIKE. (PHOTO).

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 COURT RESTRAINS RESIDENT DOCTORS FROM EMBARKING ON STRIKE  The national industrial court Abuja division has restrained all members and agents of the national association of resident doctors from calling, directing, organizing, participating in, and embarking upon any form of industrial action.  Justice Emmanuel Danjuma Subilim gave the order in an interim injunction filed by the federal government through the office of the attorney general of the federation and minister of justice.  The court temporally barred members of the association from embarking on any form of strike, work stoppages, go-slows, picketing, or any other form of industrial protest or disruption. The association is equally restrained from taking steps preparatory to any form of industrial action from the 12th day of january, 2026. The interim order remains in force pending the hearing and determination of the motion on notice fixed for the january 21, 2026. The association had earlier threatened to...
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BANKS TO REPORT TRANSACTIONS ABOVE N5M MONTHLY UNDER NEW TAX LAW EFFECTIVE 2026.(PHOTO).

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BANKS TO REPORT TRANSACTIONS ABOVE N5M MONTHLY UNDER NEW TAX LAW EFFECTIVE 2026.


Nigerian banks have been mandated to report all customer accounts with monthly transactions exceeding N5 million to the country’s tax authorities, according to the latest update from the National Orientation Agency (NOA).

This directive was part of a sweeping tax reform signed into law, aimed at improving tax compliance, curbing financial irregularities, and aligning Nigeria’s fiscal structure with global standards.

The new requirement, outlined in Section 30 of the 2025 Tax Reform Act, places commercial banks at the forefront of a major financial transparency push. Banks will be required to monitor and report high-value transactions on a monthly basis to the Federal Inland Revenue Service (FIRS) and other relevant tax bodies.

Announcing the update via its official X (formerly Twitter) handle, the NOA stated that this measure is part of broader reforms to ensure that taxable income does not escape regulatory oversight. 
Analysts said the move could significantly improve the government’s ability to track unreported income and enhance revenue generation from the informal and high-net-worth segments of the economy.

In addition to mandatory transaction reporting, the reform introduces several taxpayer-friendly provisions aimed at easing the burden on low- and middle-income Nigerians:

Individuals earning up to N800,000 annually (N66,667 per month) are now exempt from personal income tax, up from the previous threshold of N500,000. This change is designed to protect low-income earners and support cost-of-living relief.

It further explains that Section 31 of the Act now exempts capital gains on the sale of a primary residence. Additionally, under Section 50, compensation up to ₦10 million for injury, job loss, or defamation is excluded from taxable income, offering broader financial protection to affected individuals.

The reform also introduces a new value-added tax (VAT) distribution

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