Millions of Nigerians will enjoy from January 2026 as the Federal Government prepares to abolish five widely applied bank charges under its ongoing fiscal reform programme.
The measures form part of President Bola Ahmed Tinubu’s tax overhaul, signed into law on June 26, 2025, and designed to reduce business costs, boost economic activity and ease household expenses. The reforms are contained in the Nigeria Tax Act (NTA), Nigeria Tax Administration Act (NTAA), Nigeria Revenue Service Act (NRSA) and the Joint Revenue Board Act (JRBA).
Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, said the changes would simplify tax administration and eliminate several outdated fees that place unnecessary pressure on citizens.
Under the new framework, the ₦50 Electronic Money Transfer Levy (EMTL) charged on electronic transfers exceeding ₦10,000 will be removed entirely. The levy currently affects millions of daily transactions. According to the committee, its cancellation will promote financial inclusion and make low-value digital payments more affordable.
Stamp duty charges on salary transfers will also be abolished. This means workers will receive their full earnings without deductions, while businesses—particularly SMEs—will face lower administrative costs.
Investors in treasury bills, government bonds and equities will receive a boost as stamp duties on these transactions will be phased out. Oyedele noted that the move aims to expand participation in the capital market by reducing investment entry costs.
Stamp duties on documents related to stock or share transfers will equally be discontinued, simplifying the documentation process for brokers and investors.
Additionally, the ₦50 charge on transfers made between accounts in the same bank will no longer apply, allowing customers to move funds more freely without accumulating fees.
Oyedele explained that these reforms stem from new provisions in the Nigeria Tax Act 2025, which introduces clear exemptions to replace earlier rules under the Stamp Duties Act and the Finance Act 2020.
He added that the changes reflect the government’s commitment to reducing avoidable financial strain on Nigerians and creating a more efficient revenue system.
Millions of Nigerians will enjoy financial relief from January 2026 as the Federal Government prepares to abolish five widely applied bank charges under its ongoing fiscal reform programme.
The measures form part of President Bola Ahmed Tinubu’s tax overhaul, signed into law on June 26, 2025, and designed to reduce business costs, boost economic activity and ease household expenses. The reforms are contained in the Nigeria Tax Act (NTA), Nigeria Tax Administration Act (NTAA), Nigeria Revenue Service Act (NRSA) and the Joint Revenue Board Act (JRBA).
Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, said the changes would simplify tax administration and eliminate several outdated fees that place unnecessary pressure on citizens.
Under the new framework, the ₦50 Electronic Money Transfer Levy (EMTL) charged on electronic transfers exceeding ₦10,000 will be removed entirely. The levy currently affects millions of daily transactions. According to the committee, its cancellation will promote financial inclusion and make low-value digital payments more affordable.
Stamp duty charges on salary transfers will also be abolished. This means workers will receive their full earnings without deductions, while businesses—particularly SMEs—will face lower administrative costs.
Investors in treasury bills, government bonds and equities will receive a boost as stamp duties on these transactions will be phased out. Oyedele noted that the move aims to expand participation in the capital market by reducing investment entry costs.
Stamp duties on documents related to stock or share transfers will equally be discontinued, simplifying the documentation process for brokers and investors.
Additionally, the ₦50 h on transfers made between accounts in the same bank will no longer apply, allowing customers to move funds more freely without accumulating fees.
Oyedele explained that these reforms stem from new provisions in the Nigeria Tax Act 2025, which introduces clear exemptions to replace earlier rules under the Stamp Duties Act and the Finance Act 2020.
He added that the changes reflect the government’s commitment to reducing avoidable financial strain on Nigerians and creating a more efficient revenue system.
Millions of Nigerians will enjoy financial relief from January 2026 as the Federal Government prepares to abolish five widely applied bank charges under its ongoing fiscal reform programme.
The measures form part of President Bola Ahmed Tinubu’s tax overhaul, signed into law on June 26, 2025, and designed to reduce business costs, boost economic activity and ease household expenses. The reforms are contained in the Nigeria Tax Act (NTA), Nigeria Tax Administration Act (NTAA), Nigeria Revenue Service Act (NRSA) and the Joint Revenue Board Act (JRBA).
Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, said the changes would simplify tax administration and eliminate several outdated fees that place unnecessary pressure on citizens.
Under the new framework, the ₦50 Electronic Money Transfer Levy (EMTL) charged on electronic transfers exceeding ₦10,000 will be removed entirely. The levy currently affects millions of daily transactions. According to the committee, its cancellation will promote financial inclusion and make low-value digital payments more affordable.
Stamp duty charges on salary transfers will also be abolished. This means workers will receive their full earnings without deductions, while businesses—particularly SMEs—will face lower administrative costs.
Investors in treasury bills, government bonds and equities will receive a boost as stamp duties on these transactions will be phased out. Oyedele noted that the move aims to expand participation in the capital market by reducing investment entry costs.
Stamp duties on documents related to stock or share transfers will equally be discontinued, simplifying the documentation process for brokers and investors.
Additionally, the ₦50 charge on transfers made between accounts in the same bank will no longer apply, allowing customers to move funds more freely without accumulating fees.
Oyedele explained that these reforms stem from new provisions in the Nigeria Tax Act 2025, which introduces clear exemptions to replace earlier rules under the Stamp Duties Act and the Finance Act 2020.
He added that the changes reflect the government’s commitment to reducing avoidable financial strain on Nigerians and creating a more efficient revenue system.
