Millions of Nigerians are set to enjoy major financial relief from January 2026 as the Federal Government abolishes five common bank charges under its sweeping tax reform agenda.
The reforms, signed into law by President Bola Ahmed Tinubu on June 26, 2025, form part of a broader plan to lower the cost of doing business, boost economic growth, and support households and SMEs. These changes are anchored in four new laws collectively known as the Acts: the Nigeria Tax Act (NTA), Nigeria Tax Administration Act (NTAA), Nigeria Revenue Service Act (NRSA), and the Joint Revenue Board Act (JRBA).
According to Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, the new measures are designed to simplify tax administration and eliminate unnecessary financial burdens.
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Under the reforms, the ₦50 Electronic Money Transfer Levy (EMTL) on transfers above ₦10,000 will be scrapped, while stamp duty on salary transfers, capital market transactions, and investment-related documents will be removed. Additionally, the ₦50 charge on intra-bank transfers will be discontinued, allowing customers to move funds freely without extra costs.
These exemptions, contained in the Nigeria Tax Act 2025, officially reverse previous provisions under the Stamp Duties Act and Finance Act 2020.
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