Starting January 2026, millions of Nigerians will enjoy relief from five common bank charges, thanks to major tax reforms implemented by the Federal Government.
This initiative is part of President Bola Ahmed Tinubu’s wide-ranging fiscal reforms designed to ease business costs, boost economic growth, and support households and small businesses.
The reforms are embedded in four new laws: the Nigeria Tax Act (NTA), Nigeria Tax Administration Act (NTAA), Nigeria Revenue Service Act (NRSA), and the Joint Revenue Board Act (JRBA). Together, these acts aim to simplify tax processes and remove financial burdens on citizens.
One key change is the complete removal of the ₦50 Electronic Money Transfer Levy (EMTL), which previously applied to transfers over ₦10,000. Eliminating this fee will promote financial inclusion, encourage digital payments, and lower costs for millions who make daily transactions.
Employees and employers will no longer pay stamp duties on salary transfers, allowing workers to receive full pay and reducing expenses for companies, especially small and medium enterprises.
Stamp duties on investments such as treasury bills, government bonds, and shares will be scrapped, making capital market participation cheaper and more attractive for Nigerians.
Additionally, stamp charges on documents related to stock or share transfers will be removed, simplifying processes and cutting compliance costs for investors.
Lastly, the ₦50 fee on transfers between accounts within the same bank will be abolished, enabling customers to transfer funds more freely without extra charges.
These reforms follow the updated Nigeria Tax Act 2025, which explicitly exempts these charges, reversing previous rules under the Stamp Duties Act and the Finance Act 2020.
