Five major bank charges will be abolished from January 2026 under the Federal Government’s tax reform agenda.
Millions of Nigerians will experience significant financial relief from January 2026 as the Federal Government abolishes five commonly applied bank charges, according to a report from TRIBUNE ONLINE. The measures form part of President Bola Ahmed Tinubu’s fiscal reform package, signed into law on June 26, 2025, through 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).
According to Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, the reforms aim to simplify tax administration while removing financial burdens on citizens, households and small businesses.
The five charges to be abolished are:
1. ₦50 Electronic Money Transfer Levy (EMTL): Charged on transfers above ₦10,000, its removal is expected to deepen financial inclusion and reduce the cost of digital payments.
2. Stamp duty on salary transfers: This affects both employers and employees; eliminating it ensures workers receive full salaries without deductions.
3. Stamp duties on treasury bills, bonds and share transactions: Removal will make investing in capital markets more affordable.
4. Stamp charges on documents for stock or share transfers: Ending this will simplify investment documentation and reduce compliance costs.
5. ₦50 charge on transfers within the same bank: Ending this allows customers move funds between accounts at no extra cost.