Many Nigerians will receive a major financial relief by January 2026, as five commonly imposed bank charges will be removed under the Federal Government’s extensive tax reform programme. These changes form part of President Bola Ahmed Tinubu’s broad fiscal reforms—signed into law on June 26, 2025—designed to lower business costs, boost economic growth, and provide support to households and small businesses.
The reforms are contained 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) — collectively known as “the Acts.”
Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, stated that the new measures will streamline tax processes and remove needless financial pressures on Nigerians.
One of the most impactful changes is the complete removal of the ₦50 Electronic Money Transfer Levy (EMTL) on transfers above ₦10,000. Since this fee applies to millions of daily transactions, eliminating the levy will strengthen financial inclusion, promote digital payments, and lower the cost of small-value transactions for individuals and businesses.
Stamp duty deductions on salary payments—previously shared between employers and employees—will end in January 2026. This implies that workers will receive their full salaries, while businesses, especially SMEs, will benefit from reduced administrative expenses.
Stamp duties charged on transactions involving treasury bills, government bonds, and shares will also be discontinued, lowering investment costs and inspiring greater participation in the capital market.
Additionally, stamp charges on documents used for processing stock or share transfers will be eliminated, minimizing paperwork requirements and cutting compliance expenses for market operators.
The ₦50 fee on transfers between accounts within the same bank will also be ended, allowing customers to move money between personal or related accounts without additional cost, while improving financial flexibility.
Oyedele emphasized that these changes are made possible by new provisions in the Nigeria Tax Act 2025, which clearly outline exemptions from stamp duties—reverting previous regulations under the Stamp Duties Act and the Finance Act 2020.
