Millions of Nigerians will enjoy major relief from routine bank deductions as the Federal Government has approved the abolition of five widely applied bank charges, effective January 2026.
The removal of the charges forms part of President Bola Ahmed Tinubu’s sweeping fiscal reforms signed into law on June 26, 2025. The overhaul — anchored on four new legislations: the Nigeria Tax Act (NTA), Nigeria Tax Administration Act (NTAA), Nigeria Revenue Service Act (NRSA) and Joint Revenue Board Act (JRBA) — aims to ease doing business, grow the economy and reduce financial pressure on households and small enterprises.
Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, confirmed the development, describing it as “a deliberate step to eliminate unnecessary financial burdens on citizens and simplify Nigeria’s tax administration.”
The eliminated charges include: ₦50 Electronic Money Transfer Levy (EMTL): Previously charged on transfers above ₦10,000, this levy affected millions of daily transactions. Its removal is expected to encourage digital payments and enhance financial inclusion.
Also, stamp Duties on Salary Transfers, he said Employees and employers will no longer pay stamp duty on salary payments. Oyedele said this would “ensure workers receive their full earnings while reducing compliance costs for businesses.”
On the third charge, stamp Duties on Treasury Bills, Bonds and Shares, saying, Charges on investment instruments will no longer apply, making capital market participation cheaper and more accessible to Nigerians.
Fourth on the line is stamp Charges on Documents for Stock or Share Transfers: The scrapping of these fees will simplify investment documentation and reduce transaction costs for market operators.
And the fifth charge to be abolished next year is ₦50 Charge on Intra-Bank Transfers, explaining that customers moving money between their own accounts within the same bank will no longer incur the previously mandatory ₦50 fee.
Oyedele explained that the changes stem from new exemptions introduced in the Nigeria Tax Act 2025, which overturn previous provisions under the Stamp Duties Act and the Finance Act 2020.
He noted that the reforms are part of a broader government strategy to modernise tax administration, improve transparency, and expand economic participation.
“These measures will help Nigerians keep more of their money, lower the cost of doing business and promote efficiency across financial and tax systems,” Oyedele said.
The Federal Government is expected to issue additional guidelines to banks and financial institutions ahead of the 2026 rollout.
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