Starting from *January 2026*, please ensure that *any money you send* to anyone — including me — 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 fee 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.*
As for me, *do not send me any money* without discussing it with me first.
And no, I don’t want to hear “Sir/Ma, I used USSD” – if you can’t add a description, *hold your money*.
From now on, *I will tell you exactly what to write in the payment remark.*
Let’s all form the habit of *adding payment descriptions now* to avoid problems later.
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