The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr.Taiwo Oyedele has revealed that from January 2026, bank customers will enjoy relief from five common charges as the Federal Government rolls out major tax and financial reforms.
He said the changes are expected to simplify tax administration and eliminate unnecessary financial burdens on citizens.
These are, ₦50 Electronic Money Transfer Levy (EMTL), Stamp Duty on Salary Transfers, Stamp Duties on Investment Transactions,Stamp Charges on Stock or Share Transfer Documents; and
₦50 Charge on Transfers Within the Same Bank.
The changes, he said,are part of President Bola Ahmed Tinubu’s sweeping fiscal overhaul — signed into law on June 26, 2025 — aimed at easing the cost of doing business and reducing financial pressure on households and small businesses.
Giving an insight on how the reliefs would work,he said the ₦50 Electronic Money Transfer Levy (EMTL), which is charged on electronic transfers above ₦10,000, will be completely scrapped and its removal is expected to:
*Deepen financial inclusion
*Encourage digital payments
*Reduce transaction costs for individuals and businesses.
For Stamp Duty on Salary Transfers,he said that both employees and employers will, from January 2026, ceased to be charged—allowing workers to receive their full salaries and reduce payroll costs for businesses, especially SMEs.
On Stamp Duties on Investment Transactions,he stated that charges on buying or selling treasury bills, government bonds, and shares will be abolished, and this will:
*Make investing more affordable; and
*Encourage broader participation in the capital market.
For Stamp Charges on Stock or Share Transfer Documents,the chairman stated that
documents required for processing stock or share transfers would no longer attract stamp duties.
It would simplify investment documentation and lower compliance costs for market operators.
Also, the ₦50 charge on transfers within the same bank,the ₦50 fee for moving money between accounts held in the same bank, will be discontinued and will allow customers to:
*Transfer funds freely between personal or related accounts;and
*Enjoy better cash flow management without extra charges
According to Oyedele,the changes stem from new provisions in the Nigeria Tax Act 2025, which introduces explicit stamp duty exemptions and rolls back earlier rules under the Stamp Duties Act and Finance Act 2020.
