HOW TO PUT PAYMENT NARRATION IN YOUR BANK TRANSFER IN 2026
Tax is mainly focused on taxable income and this taxable income is basically money paid to you in exchange for a particular service
So if you refuse to put the right payment narration, you may face some problems or even pay more, when filing your T A X Return
If you describe the payment narration correctly, you only pay tax when required... and nothing extra.
SIMPLE DESCRIPTIONS YOU CAN USE (LEGALLY)
1. When a Family member sends you money, they should write
"Gift / Family support" in the payment narration
2. When a Friend or anyone pays you back the money they owe you, tell them to write:
"Refund / Reimbursement"
3. When you move your own money to another account, write:
"Personal transfer/savings."
4. When someone lends you money, he or she should write:
"Loan received"
5. If you put your own money into a business, write:
"Capital contribution"
6. If you operate a POS and your customers want to make a transfer to you
They should write
POS transaction
7. You are a business owner and you sell things
Your customer should put narration like this
Payment for two cartons of Indomie
To be continued...
Ignorance of the law is no excuse
NEW TAX IN NIGERIA (STARTING JANUARY 2026)
Simple explanation for everybody no grammar
Let me break it down like small pikin.
WHAT IS TAX?
Tax simply means:Government saying If you make money, small small help us with some.
❌ It is NOT:
Government stealing your money
Government collecting your savings
Government entering your bank to carry money
IF YOU ARE JUST A NORMAL PERSON for example Salary earner, trader, student, hustler.
If you don’t make much money, government will not tax you.
If you earn ₦800,000 or less in one year, YOU PAY ZERO TAX.
Example:
If you sell pure water, pepper, clothes, or you’re a student you are safe.
THEY WILL TAX MY BANK ACCOUNT ❌❌❌
THIS IS A BIG LIE.
Government CANNOT:
Take money from your bank
Tax your savings
Tax money people send you
They only tax income (money you work for).
Bank account is not taxable. Income is.
WHY THEY ARE ASKING FOR TIN
TIN means Tax Identification Number.
TIN is Your name tag, not your ATM pin.
Banks will ask for it so government can:
Know who is earning money
Stop rich people from hiding
TIN does not allow them to take your money.
IF YOU HAVE A SMALL BUSINESS like Business name / shop / online sales
Government looks at profit, not your capital.
Example: You sell goods for ₦500,000
You spend ₦450,000 on goods, rent, fuel, transport.
Your profit is ₦50,000
That small money is what tax looks at
If profit is small: You pay little or nothing.
They don’t tax stress. They tax profit.
IF YOU ARE A BIG BUSINESS / BIG EARNER
Yes — you will pay more tax.
And that is fair.
Reason be that those who have more should help more.
IF YOU COLLECT SALARY (PAYE)
If your company already deducts tax:
✔ nothing new
✔ no extra tax
✔ no double payment
You are already doing the right thing.
ONLINE WORKERS & SIDE HUSTLES
If you make money:
•online
•from abroad
•side hustle
You should declare it.
But know this that small earners are protected. nobody taxes your bank balance
THE TRUTH is, this new tax is not about punishing poor people.
It is about making rich people pay their fair share.
FINAL SIMPLE MESSAGE.
JAN 2026 TAX IN NIGERIA NO PANIC
• Low income earners pay ZERO tax
• Government cannot touch your bank savings
• TIN is for identification, not money collection
• Small businesses are protected
• Only profit and income are taxed
Fear comes from lies. Knowledge brings peace.
After I passed the CFA Level 1 exam, I received multiple offers, one of which I accepted.
It was the easiest job offer I got.
I know that passing the level 1 exam was instrumental to it because whenever I showed up at an interview, that’s what the interviewers were interested in and talked about.
After I passed my Level 2, I also got multiple offers, including one to join a Private Equity Firm as a Senior Manager.
Again, in all three interviews I did, what we mostly discussed was my CFA exams.
And since my charter, I’ve had multiple job offers I have turned down because they didn't work in the grand scheme of things. At this point, I need the offers to give me complete confidence that I can continue my Coaching practice while I do my 9-5.
I have also gotten brand offers that leave me in stitches 😂
Those are job/brand offers.
On the job performance?
The difference is clear. There’s hardly any conversation I don't have a clue about or an insight into. In some weird way, I can make sense of almost everything without even trying too hard.
I see the whole picture, which gives me confidence.
Lastly- Higher attention rate.
It's helped me multiply the attention rate I get on and off social media, as I'm building a brand.
Before I got my charter, vs. now, the difference is clear.
A lot of the DMs & paid coaching requests I get are mostly because I have the charter + all the thoughts I share.
I know because my clients tell me.
Even at work, one of partners once said: ‘Ore is the most qualified person in this room’
It has hugely shaped how people see me.
It has amplified my visibility for which I am grateful.
Hopefully, this motivates you.