Nigeria to Stop Bank Charges in 2026 Tax Reform

President Bola Tinubu signed a tax reform bill into law in Nigeria, which includes the Nigeria Tax Act, Nigeria Tax Administration Act, Nigeria Revenue Service Act, and Joint Revenue Board Act. The reform aims to overhaul the tax system to drive economic growth, increase revenue generation, and improve tax administration.

Taiwo Oyedele revealed that Nigerians will no longer pay certain bank charges, including fees on electronic money transfers below N10,000, stamp duty on salary payments, and more. Several goods and services will also be exempt from value-added tax (VAT).