Millions of Nigerians will enjoy significant financial relief from January 2026 as the Federal Government eliminates five widely applied bank charges under its sweeping tax reform agenda.
These reforms stem from President Bola Ahmed Tinubu’s comprehensive fiscal overhaul, signed into law on June 26, 2025, aimed at reducing the cost of doing business, boosting economic growth, and easing financial pressure on households and small enterprises.
The changes appear across four newly enacted laws: the Nigeria Tax Act (NTA), Nigeria Tax Administration Act (NTAA), Nigeria Revenue Service Act (NRSA), and the Joint Revenue Board Act (JRBA). Together, they are referred to as the Acts. Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, explained that the new provisions will simplify tax administration while removing unnecessary financial burdens.
One of the biggest wins for citizens is the complete removal of the ₦50 Electronic Money Transfer Levy (EMTL), previously charged on transfers above ₦10,000. With millions of electronic transactions occurring daily, scrapping this levy will deepen financial inclusion, encourage digital payments, and significantly reduce the cost of low value transfers.
Employees and employers will also benefit from the elimination of stamp duty charges on salary payments, allowing workers to receive full salaries while lowering administrative expenses for businesses, especially small and medium sized enterprises.
Investors will also experience relief as stamp duties on treasury bills, government bonds, and share transactions will be removed. This change will make investment more affordable and encourage wider participation in Nigeria’s capital markets.
Additionally, the reforms remove stamp charges on documents used for processing stock or share transfers. This simplifies investment documentation and reduces compliance costs for capital market operators.
Another major change is the cancellation of the ₦50 charge on transfers between accounts within the same bank. Customers will be able to move funds between personal or related accounts without extra fees, improving cash flow management for individuals and businesses.
Oyedele noted that these reforms arise from new provisions in the Nigeria Tax Act 2025, which clearly exempt several transactions from stamp duties, reversing many earlier requirements under the Stamp Duties Act and the Finance Act 2020.
Overall, the changes represent a major shift in Nigeria’s financial landscape, reducing costs for millions while supporting a more efficient and investment friendly economy.
