Nigeria, Jan. 7 -- The Chairman of the Chartered Institute of Taxation of Nigeria (CITN), Abuja District, Ben Enamudu, has dismissed widespread claims that bank balances are taxed under Nigeria's new tax regime, clarifying that only certain electronic transfers attract a N50 stamp duty.

Speaking during an interview with ARISE News on Tuesday evening, Enamudu said misinformation surrounding the reforms, particularly regarding bank transfers and income thresholds, has created unnecessary anxiety among Nigerians.

According to him, Nigerian tax laws do not impose any tax on money kept in bank accounts.

"The narrative out there, which is the wrong narrative, is that the money in your bank account will be taxed. There is no provision for tha...