Nigerians will no longer have to worry about paying five common bank charges starting January 2026, following the implementation of new tax laws, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has announced.

According to reports, the tax reforms, set to take effect next year, include the Nigeria Tax Act (NTA), Nigeria Tax Administration Act (NTAA), Nigeria Revenue Service Act (NRSA), and the Joint Revenue Board Act (JRBA).

Oyedele explained that the new legislation aims to simplify tax administration while removing unnecessary financial burdens on Nigerians.

The move is part of the administration of President Bola Tinubu’s broader efforts to ease the cost of doing business, stimulate economic growth, and support households and small enterprises.

The specific bank charges to be eliminated are:

1. ₦50 Electronic Money Transfer Levy (EMTL): The levy on transfers above ₦10,000 will be completely scrapped.

2. Salary Stamp Duties: Employees and employers will no longer bear stamp duties on salary transfers, allowing workers to receive full salaries and reducing administrative costs for businesses, especially SMEs.

3. Investment Stamp Duties: Stamp duties on investments such as treasury bills, government bonds, and shares will be abolished. This also includes charges on documents used for stock or share transfers.

4. Intra-Bank Transfer Charges: The ₦50 fee on transfers between accounts within the same bank will be removed, giving customers the freedom to move funds between personal or related accounts without extra costs.

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Oyedele emphasized that these reforms will be implemented when the Nigeria Tax Act 2025 comes into effect in January 2026, overturning previous rules under the Stamp Duties Act and the Finance Act 2020.

He described the reforms as a step toward reducing financial burdens on citizens and streamlining Nigeria’s tax and banking systems.