Relief for Nigerians as FG Abolishes ₦50 Electronic and Four Other Bank Charges Under New Tax Laws Starting 2026
Millions of Nigerians are set to experience substantial financial relief from January 2026 following the Federal Government’s decision to abolish the ₦50 Electronic Money Transfer Levy (EMTL) along with four other frequently applied bank charges. The policy shift forms part of President Bola Ahmed Tinubu’s sweeping fiscal and tax reform agenda aimed at easing the cost of living, stimulating business growth, and strengthening economic productivity nationwide.
Signed into law on June 26, 2025, the reforms are captured in four newly enacted legislations 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. These laws introduce significant changes to tax administration and financial regulation across the country.
Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, said the abolishment of these charges will simplify tax processes, reduce compliance costs, and eliminate unnecessary financial burdens for millions of citizens and businesses.
A major highlight of the reforms is the complete removal of the ₦50 EMTL, previously charged on electronic transfers above ₦10,000. This levy affected millions of daily transactions, and its scrapping is expected to deepen financial inclusion, encourage digital payments, and lower the cost of low-value transfers for individuals and small businesses.
Also abolished are stamp duty charges on salary payments. From January 2026, employees will receive their full salaries without deductions, while businesses especially SMEs will benefit from reduced administrative expenses.
In addition, investors will enjoy relief as stamp duties on transactions involving treasury bills, government bonds, and shares are set to be discontinued. This reform is expected to make investment opportunities more affordable and attract wider participation in the capital market.
The government has also scrapped stamp duties on documents required for processing stock or share transfers, reducing paperwork and compliance obligations for market operators.
Furthermore, the ₦50 charge on transfers between accounts within the same bank will be removed. Customers will now be able to move funds between personal or related accounts without any added cost, a change that will enhance liquidity management for both individuals and businesses.
According to Oyedele, these changes are anchored on new provisions within the Nigeria Tax Act 2025, which introduces explicit exemptions from stamp duties and reverses earlier financial rules contained in the Stamp Duties Act and the Finance Act 2020.