Millions of Nigerians are set to enjoy some breathing room from January 2026 as the Federal Government moves to abolish five widely applied bank charges.
The decision forms part of President Bola Ahmed Tinubu’s wider tax reform programme, signed into law on June 26, 2025, to ease business costs, spur economic activity and support 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).
Together, they form a unified framework that the government believes will simplify how taxes are administered and remove burdens that have long frustrated citizens.
Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, said the changes mark a deliberate shift toward a more efficient, citizen-friendly tax environment.
One of the most notable removals is the ₦50 Electronic Money Transfer Levy (EMTL), charged on transfers above ₦10,000.
Since it affects millions of transactions each day, its abolition is expected to lower the cost of digital payments, support financial inclusion and make small transfers more affordable.
Workers will also feel the impact. Stamp duty charges currently deducted from salary payments will disappear in 2026.
This means employees will receive their full salaries, and businesses, especially smaller ones, will no longer need to navigate the administrative headache that comes with the deductions.
Stamp duties on treasury bills, government bonds and share transactions will be scrapped. By removing these costs, the government hopes to make investing more attractive and open the capital market to more Nigerians.
Stamp charges on documents for stock or share transfers will also be eliminated, cutting down paperwork and compliance costs for operators.
Another charge that will go is the ₦50 fee on transfers between accounts within the same bank. Once removed, customers will be able to move money between personal or related accounts without paying extra, a small but meaningful boost to everyday cash flow management.
These changes flow from provisions in the Nigeria Tax Act 2025, which sets out new exemptions from stamp duties and reverses older rules under the Stamp Duties Act and the Finance Act of 2020.
According to Oyedele, the intention is to clear out unnecessary charges and build a tax system that supports, rather than stifles, economic activity.