Nigerians to stop paying five common bank charges from January 2026 — Oyedele
From January 2026, millions of Nigerians will enjoy major financial relief as the Federal Government removes five common bank charges under its new tax reform laws.
Signed by President Bola Ahmed Tinubu on June 26, 2025, the reform aims to ease business costs, support households, and grow the economy. These changes are contained in four new laws: the Nigeria Tax Act, Nigeria Tax Administration Act, Nigeria Revenue Service Act, and Joint Revenue Board Act.
According to Taiwo Oyedele, head of the Presidential Tax Reform Committee, the new system will simplify taxes and remove unnecessary financial pressure on citizens.
Bank charges to be scrapped in 2026 include:
1. ₦50 Electronic Money Transfer Levy (EMTL) on transfers above ₦10,000.
2. Stamp duty on salary payments for both employees and employers.
3. Stamp duties on investments such as treasury bills, bonds, and shares.
4. Stamp fees on documents for stock and share transfers.
5. ₦50 intra-bank transfer charges for moving money within the same bank.
These reforms, introduced through the Nigeria Tax Act 2025, overturn earlier stamp duty rules and make financial transactions cheaper and easier for Nigerians.
From January 2026, millions of Nigerians will enjoy major financial relief as the Federal Government removes five common bank charges under its new tax reform laws.
Signed by President Bola Ahmed Tinubu on June 26, 2025, the reform aims to ease business costs, support households, and grow the economy. These changes are contained in four new laws: the Nigeria Tax Act, Nigeria Tax Administration Act, Nigeria Revenue Service Act, and Joint Revenue Board Act.
According to Taiwo Oyedele, head of the Presidential Tax Reform Committee, the new system will simplify taxes and remove unnecessary financial pressure on citizens.
Bank charges to be scrapped in 2026 include:
1. ₦50 Electronic Money Transfer Levy (EMTL) on transfers above ₦10,000.
2. Stamp duty on salary payments for both employees and employers.
3. Stamp duties on investments such as treasury bills, bonds, and shares.
4. Stamp fees on documents for stock and share transfers.
5. ₦50 intra-bank transfer charges for moving money within the same bank.
These reforms, introduced through the Nigeria Tax Act 2025, overturn earlier stamp duty rules and make financial transactions cheaper and easier for Nigerians.
Nigerians to stop paying five common bank charges from January 2026 — Oyedele
From January 2026, millions of Nigerians will enjoy major financial relief as the Federal Government removes five common bank charges under its new tax reform laws.
Signed by President Bola Ahmed Tinubu on June 26, 2025, the reform aims to ease business costs, support households, and grow the economy. These changes are contained in four new laws: the Nigeria Tax Act, Nigeria Tax Administration Act, Nigeria Revenue Service Act, and Joint Revenue Board Act.
According to Taiwo Oyedele, head of the Presidential Tax Reform Committee, the new system will simplify taxes and remove unnecessary financial pressure on citizens.
Bank charges to be scrapped in 2026 include:
1. ₦50 Electronic Money Transfer Levy (EMTL) on transfers above ₦10,000.
2. Stamp duty on salary payments for both employees and employers.
3. Stamp duties on investments such as treasury bills, bonds, and shares.
4. Stamp fees on documents for stock and share transfers.
5. ₦50 intra-bank transfer charges for moving money within the same bank.
These reforms, introduced through the Nigeria Tax Act 2025, overturn earlier stamp duty rules and make financial transactions cheaper and easier for Nigerians.
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