Akorede

Compulsive Learner ✍️ | @chelseafc ⚽ | Astronomy Enthusiast 🌎 | Omoluabi

[Akorede @AkoredeSharaf]

Pulisic and Willian gave a good account of themselves tonight.
We move

[KALYJAY @gyaigyimii]

The way Ronaldo loses his man is so unique man

[UEFA @UEFA]

🏆 Referee announced for 2026 #SuperCup!

We're pleased to share that Somali referee Omar Artan will officiate the highly anticipated match between PSG and Aston Villa in Salzburg.

[Akorede @AkoredeSharaf]

Na dem still carry second here 😭

[Emirates FA Cup @EmiratesFACup]

The most FA Cup Finals reached 🏆

#EmiratesFACup

[U.S. Mission Nigeria @USinNigeria]

#ThisWeekInUSNigeriaHistory in 2025, Nigerian chess master Tunde Onakoya made history by breaking the Guinness World Record for the longest chess marathon alongside American chess master Shawn Martinez in Times Square, New York.

#DYK Tunde is a U.S. Government Exchange Program alumnus. He’s one of 14,000+ exchange alumni in Nigeria driving impact across U.S.–Nigeria life, culture, and collaboration.
#Freedom250

Photo credit: Chess in Slums Africa

[OLADEPO Caleb Olugbenga @YhungProf0]

@NELFUND
I'm honored to let you know that I am the Best Graduating Student of @lautechofficial ✨✨

Your loans made it possible

• OLADEPO, CALEB OLUGBENGA
• B. Tech (First Class: 4.89/5.0)

#LAUConvo18th #nelfund

[A. Ayofe @abdullahayofel]

Omo, Watch how Seyi Law is introducing and bringing on stage President Bola Ahmed Tinubu>>>>>>> don't say anything just Retweet 👇🔥❤️🫡
#APCConvention2026

[🎬N @Nino12x]

Nobody does it better than Palmer https://t.co/8LJvK87mfI

[Akorede @AkoredeSharaf]

@jeffphilips1 😁😂

Wahala

[Akorede @AkoredeSharaf]

@ABUZaria_DUA @NOIweala @abuinsight @ABU_Campus @instablog9ja Proudly abusite

[Oyiga Micheal @Nsukka_okpa]

Speed Visit to Nigeria was legendary ❤️ Shame the great part didn’t go viral.

[Akorede @AkoredeSharaf]

@nig_tps @Mautiin01 😄🤣

[Chigozirim Emeakayi @GoziconC]

Peter Obi will one day leave Labour Party. It will happen very soon.

Once he is done destroying the Party, he will leave.

Save this post.

[Ab Abdillah👩‍💻 - ACA @Hishaqq08]

Before You Panic About 2026 Taxes, Read This About Your Bank Statements

While I’ve seen a lot of misconceptions going on social media regarding the use of bank transaction descriptions as a means of avoiding the taxation of inflows in bank statements, it is important to clarify these issues so that people won’t be misled.

While I will acknowledge that the use of description is a good and inevitable practice not only for tax purposes, but also for other issues such as transaction tracking, account reconciliation, budgeting, reporting purposes against money laundering etc.

In fact, some people are being denied visa because there was no clarity on the transactions in their bank statements.

Having said that, will that only impact your taxes in 2026? Yes and No, kindly take your pen as I demystify.

Firstly, the news flying around that banks will deduct tax from customers accounts from 2026 is FALSE and MISLEADING.

Tax authorities do not have the power to automatically debit your account until a tax liability has become “final and conclusive”

What does this mean? Kindly read the detailed explanation here for better understanding👇

https://t.co/wLT5DkcEnp

Let me break it down further

1. In Nigeria, we operate a self assessment system whereby a taxpayer will voluntarily disclose information about his income and transactions for the period to the tax authority. This process is called “filing of tax returns”.

- For an individual generating an income, the deadline for filing self assessment returns is on or before 31st March of the following year. For example, returns for the 2025 financial year must be filed on or before 31 March 2026.

-While for companies, the returns should be filed within six months after the end of their financial year for existing companies, while newly incorporated companies have 18 months from the date of incorporation or six months after the end of their first financial year (whichever comes first).

2. After the returns have been filed, that’s where the real tussle begins. Where the tax authority believes that the returns you filed is understated or incorrect, they’ll send you an assessment letter telling you to come and pay the outstanding liability.

At this point, the question you’ll ask me is how will the tax authority knows the tax return I filed is incorrect?

The tax authority has access to intelligence report through the NIBSS and BVN frameworks, and this includes your bank information based on the statutory disclosure requirements of banks and other financial institutions.

Specifically, Section 29 of the Nigeria Tax Administration Act (NTAA) mandates banks and financial institutions to submit quarterly reports on:

a) Individuals with cumulative monthly transactions of ₦25 million and above and

b) Corporate entities with cumulative monthly transactions of ₦100 million and above.

Please note that this disclosure requirement is not a new provision just that the threshold has been revised in the new laws.

3. Also, prior to now, not all SIRS leverage on this intelligence report, but the dynamic might change going forward particularly for Lagos and FCT.

Here’s the practical reality.

4. In practice, most time, tax authorities will issue a very “high and unrealistic assessment”, and they’ll tell you that’s your outstanding liability and then request for your bank statements. This is where your bank transaction descriptions become useful and will save you🫵

They don’t know about the inflows in your statement, the onus is on you to prove that “Not all inflows are revenue” rather some relates to loans, gifts, refunds, capital and others.

But Does It End There? NO

This is the crucial part many people are not talking about and that’s called “proper documentation”.

Your bank description alone does not exempt an amount from being taxed, your documentation does.

That’s why in taxation, the tax man doesn’t rely on verbal explanations or stories, they rely strictly on verifiable evidence.

[Akorede @AkoredeSharaf]

@olanikemi She "be sinu kitchen" 😁

[Akorede @AkoredeSharaf]

@MrDokimo @Usmanashafe 🤣😂

U be werey

[Akorede @AkoredeSharaf]

@alli_ya7 U were buying bananas for more than 15mins

[Channels Television @channelstv]

COURT DELIVERS JUDGEMENT IN NNAMDI KANU'S TRIAL | LIVE https://t.co/5e7WxVbv0i

[LAWYER KUNLE @thecuteabiola]

OKAY SIR 🥺

[Akorede @AkoredeSharaf]

@AObilana Thank you for this update sir

[Bola Ahmed Tinubu @officialABAT]

Boko Haram exalts violence, not God. It kills Muslim and Christian alike. No faith, not Islam endoreses mayhem and lawlessness.