Nigerian banks are set to start charging a N50 stamp duty on transactions above N10,000, effective January 1, 2026. This move is in line with the government’s efforts to increase revenue and boost economic growth.
The stamp duty, which has been in existence since 2015, applies to all electronic transactions, including transfers, withdrawals, and payments. Banks have been instructed to deduct the duty from customers’ accounts and remit it to the government.
The introduction of the stamp duty has sparked mixed reactions, with some Nigerians expressing concerns about the timing and potential impact on their finances. However, others see it as a necessary measure to support the country’s development.
The Federal Government has assured Nigerians that the revenue generated from the stamp duty will be used to fund critical infrastructure projects and boost economic growth. The government has also urged citizens to comply with the new regulation.
Banks have begun informing customers about the new charge, with some already updating their systems to reflect the changes. Customers are advised to check their accounts and plan accordingly to avoid any disruptions.
The N50 stamp duty is expected to generate significant revenue for the government, and its implementation is seen as a key step towards achieving fiscal sustainability.
