The Ogun State Internal Revenue Service (OGIRS) has restated that the stamp duty charged on bank transactions should not be mistaken for a form of taxation.
Speaking on Thursday, the 15th of January, 2026, during a Yoruba-language radio programme, Ayekooto, the Executive Chairman of Ogun State Internal Revenue Service, Olugbenga Olaleye, clarified that stamp duty is a legally approved levy and not an additional tax imposed on citizens.
Olaleye explained that funds generated from stamp duty are remitted into government accounts and utilised to finance key areas of public interest, including infrastructure development, education, healthcare delivery, security, and other essential social services.
Represented on the programme by the Director of Field Operations, Mrs. Oluwaseun Olajube, the OGIRS chairman stressed that the ongoing tax reforms are designed to favour low-income earners, noting that such groups are expected to gain the most from the changes. He appealed to residents to avoid circulating false information capable of eroding public trust in government policies.
According to him, ensuring that citizens have adequate disposable income would boost productivity levels and drive faster economic growth. He therefore urged taxpayers to fulfil their civic responsibility by paying only taxes that are legally due.
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Emphasising transparency in the tax system, Olaleye said, “If you like operate ten bank accounts, your BVN and NIN will reveal your identity. It is your income that is taxable, not the amount of money spread into the accounts you have,”.
He further reassured the public that under the new reforms, funds obtained through loans, transfers, gifts, and personal savings are exempt from taxation.
Olaleye appealed for patience and cooperation from residents, encouraging taxpayers to remain honest and consistent in declaring their actual income.