The Federal Government has announced that five commonly applied bank charges will be abolished beginning January 2026, a move expected to ease financial pressure on millions of Nigerians and stimulate economic activity.
The development follows the tax reform agenda signed into law by President Bola Ahmed Tinubu on June 26, 2025. The reforms aim to reduce the cost of doing business, support households, and foster economic growth across the country.
Under the new directive, the ₦50 Electronic Money Transfer Levy (EMTL) — charged on electronic transfers above ₦10,000 — will be removed entirely. The levy, applied to millions of daily transactions, has long been considered a burden on individuals and small businesses. Its removal is expected to boost digital payments and lower the cost of small transfers.
Also scrapped is the stamp duty on salary payments, previously shared between employers and employees. With this removal, workers will receive full salaries, while businesses, especially SMEs, will benefit from reduced administrative and compliance costs.
Investors will experience relief as the government discontinues stamp duties on transactions involving treasury bills, government bonds, and shares. Charges on documents used for stock or share transfers will also end, simplifying investment processes and lowering transaction costs in the capital market.
Additionally, the government will abolish the ₦50 fee on transfers between accounts within the same bank, allowing customers to move funds between their personal or related accounts at no extra cost.
The reforms are backed by new provisions in the Nigeria Tax Act 2025, which nullifies previous stamp duty regulations under the Stamp Duties Act and reverses certain rules introduced through the Finance Act 2020.
According to the Federal Government, the measures form part of a broader strategy to support citizens, encourage investment, and enhance economic productivity nationwide.
The government urged Nigerians to remain informed as implementation begins in early 2026.
