Millions of Nigerians are set to enjoy major financial relief from January 2026 as the Federal Government moves to abolish five widely applied bank charges under its sweeping tax and fiscal reform agenda. The measures, enacted on 26 June 2025, form part of President Bola Ahmed Tinubu’s comprehensive economic overhaul aimed at easing the cost of doing business, boosting productivity and supporting households across the country.
Major Relief for Consumers and Businesses
The reforms are contained in four newly signed laws — the Nigeria Tax Act (NTA), Nigeria Tax Administration Act (NTAA), Nigeria Revenue Service Act (NRSA) and the Joint Revenue Board Act (JRBA) — collectively known as the Acts. According to Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, the new legal framework will simplify tax administration and eliminate several financial burdens that have long affected ordinary Nigerians.
Akahi News gathered that these changes are designed to streamline revenue collection, enhance transparency in the financial system and foster a more business-friendly environment.
₦50 EMT Levy to Be Completely Abolished
One of the most impactful changes is the removal of the ₦50 Electronic Money Transfer Levy (EMTL), previously charged on electronic transfers above ₦10,000. This levy affected millions of transactions daily, increasing the cost of digital payments.
With its abolition, analysts believe Nigeria will see deeper financial inclusion, improved adoption of digital banking and cheaper low-value transfers for individuals, traders and small enterprises.
Salary Transfers to Become Cheaper
Currently, both employers and employees pay stamp duty charges when salaries are transferred through the banking system. From January 2026, these charges will no longer apply.
Akahi News learnt that this will allow workers to receive their full salaries without deductions linked to stamp duties, while also reducing administrative costs for businesses—especially small and medium-sized enterprises already struggling with rising operating expenses.
Investment Transactions to Enjoy Zero Stamp Duties
Investors in treasury bills, government bonds and shares also stand to benefit significantly. Stamp duties imposed on these investment instruments will be eliminated, making capital market participation more affordable.
In addition, stamp charges on documents used for processing stock or share transfers will be removed entirely. Experts note that this will simplify investment documentation, reduce compliance costs and encourage more Nigerians to channel funds into formal investment opportunities.
₦50 Intra-Bank Transfer Charge Discontinued
Another major relief is the discontinuation of the ₦50 charge on transfers between accounts within the same bank. This long-standing fee has been a point of frustration for customers who frequently move funds between personal, business or family-managed accounts.
From January 2026, individuals and companies will be able to manage their finances more freely without incurring extra charges.
Reversal of Previous Stamp Duty Rules
Oyedele explained that these reforms are enabled by new provisions in the Nigeria Tax Act 2025, which introduce explicit exemptions from stamp duties. The new rules effectively reverse earlier obligations imposed under the Stamp Duties Act and the Finance Act 2020, which expanded the scope of stamp duty collection across various transactions.
According to analysts who spoke with journalists, the 2025 reforms show a strategic shift toward reducing unnecessary levies, supporting economic recovery and building public trust in the nation’s tax system.
With the abolition of five frequently applied bank charges, Nigerians stand to gain from a more efficient, citizen-friendly financial and tax landscape beginning in 2026. As Akahi News continues to monitor developments in the implementation of the Acts, experts say the reforms could reshape the country’s economic direction, offering relief to millions and supporting long-term growth.
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By Joseph Iyaji | Akahi News
Joseph Iyaji is a journalist, educator, and founder of Akahi G. International, Akahi Tutors, and Akahi News. Read more about him here.
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