Millions of Nigerians will experience significant financial relief from January 2026 as five frequently applied bank charges are set to be abolished under the Federal Government’s sweeping tax reform agenda.
The measures are part of President Bola Ahmed Tinubu’s comprehensive fiscal overhaul, signed into law on June 26, 2025, aimed at easing the cost of doing business, stimulating economic growth, and supporting households and small enterprises.
The reforms are captured in four newly enacted laws — 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.
Beyond transactional duties, stamp charges on documents used for processing stock or share transfers will also be removed. This simplifies investment documentation and reduces compliance costs for capital market operators.
The ₦50 charge on transfers between accounts within the same bank will be discontinued. Customers will be able to move funds between personal or related accounts without incurring extra fees, improving cash flow management for individuals and businesses.
Oyedele noted that these reforms stem from new provisions in the Nigeria Tax Act 2025, which introduces explicit exemptions from stamp duties, reversing earlier rules under the Stamp Duties Act and the Finance Act 2020.
