Relief For Bank Customers From January 2026

Millions of Nigerians will begin the new year with fewer bank deductions as the Federal Government prepares to scrap five major charges under its latest tax reforms.

The changes, set to take effect in January 2026, are part of President Bola Tinubu’s plan to ease financial pressure on households and businesses.

The reforms are captured in four new laws — the Nigeria Tax Act, the Nigeria Tax Administration Act, the Nigeria Revenue Service Act, and the Joint Revenue Board Act. These laws are designed to simplify the tax system, reduce unnecessary costs, and make financial transactions easier for citizens.

A major change is the removal of the ₦50 Electronic Money Transfer Levy, which previously applied to transfers above ₦10,000. Ending this fee is expected to encourage more people to use digital payment platforms without worrying about extra charges.

Workers and their employers will also stop paying stamp duties on salary transfers. This means employees can receive their full wages, while companies, especially small businesses, will face fewer deductions during payroll processing.

Investors will also benefit, as stamp duties on treasury bills, government bonds, shares, and related investment documents will no longer apply. This move will make financial investments more appealing and reduce compliance costs for those involved in the capital market.

The reform also removes the ₦50 charge on transfers made between accounts within the same bank, giving customers more freedom to move money without added fees.

These changes flow from the updated Nigeria Tax Act 2025, which cancels previous charges enforced under older tax laws. The government says the new structure will support economic growth, improve financial inclusion, and make banking more affordable for everyone.