A recent social media post by a political aide has ignited widespread discussion and clarification around newly implemented bank charges in Nigeria. Lere Olayinka, an aide to the Federal Capital Territory (FCT) Minister, Nyesom Wike, publicly questioned a deduction from a routine money transfer, bringing the new stamp duty policy into sharp public focus.
The Transaction That Sparked the Debate
On Tuesday, January 7, 2026, Olayinka took to his X (formerly Twitter) account to share his experience. He revealed that after transferring the sum of N80,000 to another individual, a total of N53.75 was deducted from the transaction. His post, which questioned the nature of the deduction, quickly went viral, prompting mixed reactions from other social media users.
While some users challenged his understanding, suggesting he was confusing tax with other charges, others corroborated similar experiences with the new fees. One user, @i_blanq, noted that N50 was deducted after sending N186,000, aligning with the new policy framework.
Banks Clarify the New Stamp Duty Charge
The deductions are not an error but the result of changes enacted under the Nigeria Tax Act 2025. This legislation has replaced the previous Electronic Money Transfer Levy (EMTL) with a revised stamp duty charge. The key change, which took effect on January 1, 2026, shifts the responsibility for paying the N50 fee from the receiver to the sender for qualifying transactions.
Several leading financial institutions have issued notices to their customers to clarify the policy:
- Wema Bank stated that the N50 stamp duty charge is applicable to transfers of N10,000 and above, paid by the sender. Transfers below N10,000, salary payments, and intrabank transfers between a customer's own accounts are exempt.
- Ecobank confirmed the change, indicating that what was previously called the EMTL is now referred to as Stamp Duty, borne by the sender.
- GTBank provided similar guidance, emphasizing that the N50 charge is separate from regular transfer fees and will be clearly itemized during the transaction process.
It is crucial to understand that this N50 stamp duty is a distinct charge, applied in addition to any standard interbank or transfer fees typically levied by financial institutions.
Broader Context of Fiscal Reforms
This policy adjustment is part of a broader set of fiscal and tax reforms being implemented by the Federal Government. Earlier reports indicated a directive for banks to begin collecting Tax Identification Numbers (TIN) from all taxable account holders, a move confirmed by Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms.
The government's aim is to widen the tax net and improve revenue collection. However, the immediate application, as seen in Olayinka's case, has led to public scrutiny and a demand for clear communication from both financial authorities and commercial banks to prevent confusion among the millions of Nigerian bank customers.
The online debate highlights a need for continued public education on these fiscal changes to ensure citizens understand the deductions affecting their electronic transactions.
