The Digest:
Millions of Nigerians will receive significant financial relief starting January 2026 as five frequently applied bank charges are set to be abolished under the Federal Government’s sweeping tax reform agenda. According to fiscal policy chairman Taiwo Oyedele, the changes are part of President Bola Tinubu's comprehensive fiscal overhaul signed into law in June 2025, aimed at easing business costs and supporting household finances.
Key Points:
- ₦50 Electronic Money Transfer Levy (EMTL) on transactions above ₦10,000 will be scrapped
- Stamp duty charges on salary transfers for employees and employers will be removed
- Stamp duties on treasury bills, bonds, and share investments will be abolished
- Charges on documents for stock or share transfers will be eliminated
- ₦50 intra-bank transfer fees between accounts in the same bank will be discontinued
- Reforms stem from new provisions in the Nigeria Tax Act 2025
- Changes aim to deepen financial inclusion and reduce business costs
Sources: Nigerian Tribune
