Goodbye to the ₦50 fee and four of its pesky friends
The Big Picture: Your bank statement might finally look a little friendlier next year. Beginning 1 January 2026, five everyday bank charges will be wiped out under President Bola Tinubu’s sweeping fiscal package , a move hailed as a “major relief for households and SMEs,” Tribune Online reports.
The Details:
• ₦50 Electronic Money Transfer Levy (EMTL) on transfers above ₦10,000? Gone.
• Stamp duty on salary payments? History.
• Stamp duties on buying or selling treasury bills, bonds, and shares? Axed.
• Charges on stock-transfer documents? Ditto.
• And that ₦50 intra-bank transfer fee you never understood? Also toast.
Taiwo Oyedele, chair of the Presidential Committee on Fiscal Policy & Tax Reforms, told Tribune that the deletions will “simplify tax administration” and eliminate unnecessary burdens, deepening digital payments and financial inclusion in the process.
Why It Matters: The reaction was swift. Fintech operators cheered the decision, saying it lowers the cost curve for the unbanked, while SMEs called it “a Christmas gift that finally lands in January.” Analysts note the cuts align with Tinubu’s broader playbook: shift revenue reliance away from oil and toward a modern, tech-friendly tax system.
Around the Tax World
• Adedeji’s four-pillar plan: Speaking at the University of Ilesa, FIRS chief Zacch Adedeji pitched fiscal flexibility and diversified revenue streams as Nigeria’s escape hatch from dwindling oil receipts (BusinessDay).
• Dangote Cement keeps the crown: The industrial giant snagged FIRS’s 2025 Tax Compliance Award for the second year running, underscoring its spot atop the compliance leaderboard (AljazirahNews).
• NLNG three-peats: Nigeria LNG was again named “Most Compliant Taxpayer,” marking its third straight win and earning praise for "benchmark-setting transparency" (Energy Focus Report).
• New TIN, new worries: Experts warn the upcoming unified tax-identification system could streamline filings, or create fresh data headaches, depending on execution (BusinessDay Pro).
Tax Stat of the Day
348.6 % , The surge in Nigeria’s public debt from ₦33.3 trn to ₦152.4 trn between 2023 and mid-2025, underscoring why every naira of non-oil revenue now counts (Business Post).
Looking Ahead
All eyes are on banks and payment providers as they retool their systems before the New Year’s Day deadline. Meanwhile, Adedeji’s FIRS is drafting the next wave of automation rules, because in 2026, the taxman plans to move as fast as your mobile transfer.