Millions of Nigerians will benefit from reduced financial burdens starting January 2026, as the Federal Government scrapped five commonly applied bank charges under President Bola Ahmed Tinubu’s sweeping tax reform agenda. The reforms, enacted on June 26, 2025, are part of a broader effort to ease the cost of doing business, stimulate economic growth, and support households and small enterprises.
The changes 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). Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, said the measures aim to simplify tax administration and remove unnecessary financial burdens on citizens.
Key reforms include:
- Electronic Money Transfer Levy (₦50 EMTL): Charged on transfers above ₦10,000, this levy will be fully scrapped, promoting digital payments and lowering costs for low-value transfers.
- Stamp Duty on Salary Transfers: Employees and employers will no longer pay stamp duties on salaries, enabling workers to receive full pay and easing administrative costs for businesses.
- Stamp Duty on Investments: Charges on transactions involving treasury bills, government bonds, and shares will be removed, making capital market investments more accessible.
- Stamp Duty on Stock/Share Transfer Documents: Exemptions will simplify investment documentation and cut compliance costs for operators.
- ₦50 Intra-Bank Transfer Charge: Fees on transfers between accounts within the same bank will be discontinued, improving cash flow management for individuals and businesses.
Oyedele emphasized that these reforms arise from the Nigeria Tax Act 2025, which introduces explicit exemptions from stamp duties, reversing earlier provisions under the Stamp Duties Act and the Finance Act 2020. The government expects the measures to enhance financial inclusion, reduce transaction costs, and encourage wider participation in Nigeria’s financial and capital markets.