The Federal Government has announced plans to abolish five major bank charges starting January 1, 2026, marking a significant step in President Bola Ahmed Tinubu’s ongoing fiscal and tax reform agenda aimed at reducing financial burdens on Nigerians and improving the business environment.

The decision follows the enactment of four key laws earlier in 2025 including the Nigeria Tax Act, Nigeria Tax Administration Act, Nigeria Revenue Service Act and the Joint Revenue Board Act. According to the Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, the objective is to simplify tax administration, eliminate redundant levies and ease financial pressures on households and businesses.

Under the new framework, Nigerians will no longer pay the Electronic Money Transfer Levy EMTL, stamp duties on salary payments, stamp duties on government securities, charges on documents used for share transfers and the ₦50 intra-bank transfer fee. The reforms are expected to lower transaction costs, encourage digital payments and increase participation in the capital market. The government has assured that detailed implementation guidelines will be issued to banks before the effective date to ensure a smooth transition.