Millions of Nigerians are set to enjoy major financial relief beginning January 2026, as the Federal Government abolishes five widely applied bank charges under its far-reaching tax reform agenda.
The policy changes form part of President Bola Ahmed Tinubu’s sweeping 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 reforms are contained in four new legislations 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, said the new measures will streamline tax administration and eliminate avoidable charges that burden citizens.
Key Bank Charges to Be Abolished
1. ₦50 Electronic Money Transfer Levy (EMTL)
Currently charged on electronic transfers above ₦10,000, the EMTL will be completely scrapped. The removal is expected to promote financial inclusion, expand digital payments, and lower the cost of small-value transactions for individuals and businesses.
2. Stamp Duty on Salary Transfers
Both employees and employers currently pay stamp duty on salary payments. Beginning i2026, workers will receive their full salaries, while businesses, especially SMEs, will benefit from reduced administrative expenses.
3. Stamp Duty on Investments (Treasury Bills, Bonds, Shares)
Stamp duties applied to transactions involving government securities and shares will be abolished, lowering entry barriers and promoting wider investment in the capital market.
4. Stamp Duty on Documents for Stock or Share Transfers
Charges on documents required for processing stock or share transactions will also be removed simplifying investment processes and easing compliance burdens for capital market operators.
5. ₦50 Charge on Transfers Within the Same Bank
Transfers between accounts in the same bank will no longer attract a ₦50 fee. This will help customers move funds more freely between personal or related accounts, boosting cash flow management for individuals and businesses.
Oyedele explained that the reforms stem from the provisions of the Nigeria Tax Act 2025, which introduces clear exemptions from stamp duties and effectively reverses earlier rules under the Stamp Duties Act and Finance Act 2020.
