- Several bank charges to stop from Jan. 2026, Oyedele assures
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has assured Nigerians that no fewer than five common bank charges will be phased out by next January, as part of the government’s ongoing tax reforms.
This assurance is certain to be received with joy amid public complaints against additional transaction tariffs imposed on bank customers by the Bola Tinubu-led administration.
The new direction is part of
government’s broad fiscal restructuring that took effect from 26 June 2025, and directed at reducing the cost of doing business and thereby galvanising economic growth.
The reforms are contained in the Nigeria Tax Act (NTA), Nigeria Tax Administration Act (NTAA), Nigeria Revenue Service Act (NRSA), and the Joint Revenue Board Act (JRBA) — collectively referred to as the Acts.
Oyedele explained that the reviews would simplify tax administration and eliminate financial burdens on citizens.
The ₦50 Electronic Money Transfer Levy (EMTL), charged on transfers above ₦10,000, will be scrapped entirely. This levy affects millions of electronic transactions daily.
From the said deadline, stamp duty charges on salary transfers will no longer apply, allowing workers to receive full salaries while reducing administrative costs for businesses, especially small and medium-sized enterprises.
Investors in treasury bills, government bonds, and shares currently pay stamp duties on their transactions. These will be abolished, making capital market investments more affordable and encouraging wider participation among Nigerians.
Beyond transactional duties, stamp charges on documents used for processing stock or share transfers will also be scrapped.
The ₦50 charge on transfers between accounts within the same bank will be stopped, allowing customers to move money between personal or related accounts without incurring extra fees, improving cash flow management for individuals and businesses.
