Starting January 2026, millions of Nigerians are set to benefit financially as the Federal Government eliminates five widely applied bank charges under its broad tax reform initiative.
This move is part of President Bola Ahmed Tinubu’s fiscal reform programme, enacted on June 26, 2025, designed to lower business costs, boost economic activity, and support households and small businesses.
The reforms are codified in four new laws — the Nigeria Tax Act (NTA), Nigeria Tax Administration Act (NTAA), Nigeria Revenue Service Act (NRSA), and Joint Revenue Board Act (JRBA) — collectively known as the Acts.
Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, explained that the changes aim to simplify tax processes and remove unnecessary financial burdens for citizens.
The ₦50 Electronic Money Transfer Levy (EMTL) on transfers above ₦10,000 will be fully abolished, affecting millions of daily electronic transactions. Its removal is expected to encourage digital payments, expand financial inclusion, and lower costs for small-value transfers.
Stamp duty charges on salary payments, previously borne by both employees and employers, will no longer apply, allowing workers to receive full salaries and reducing administrative expenses for businesses, particularly SMEs.
Investments in treasury bills, government bonds, and shares will also be freed from stamp duties, making capital market participation more affordable and accessible.
Stamp duties on documents used for stock or share transfers will be removed, simplifying investment procedures and cutting compliance costs for market participants.
The ₦50 fee for transfers between accounts within the same bank will be eliminated, allowing individuals and businesses to manage cash flow more efficiently without extra charges.
Oyedele highlighted that these measures arise from the Nigeria Tax Act 2025, which explicitly exempts these transactions from stamp duties, overturning previous requirements under the Stamp Duties Act and the Finance Act 2020.
