Nigerians are expressing concern over the implementation of new tax laws, which took effect on January 1, 2026, and have resulted in what they claim are double stamp duty charges by banks. The banks began collecting a N50 stamp duty on transactions of N10,000 and above, as part of the new tax reforms. However, numerous bank customers have come forward to report being charged N100 per N10,000 transfer, instead of the expected N50.
The issue has sparked widespread complaints, with some customers threatening to take legal action against their banks. One customer, who wished to remain anonymous, stated that they were charged N100 for stamp duties despite being informed that the charge would be N50. Another customer expressed frustration over multiple stamp duty deductions from their account, vowing to take necessary action against their bank.
The Bank Customers’ Association of Nigeria and the Central Bank of Nigeria have not officially responded to the allegations of double stamp duty deductions. However, a professor at Lead City University, Prof. Godwin Oyedokun, cautioned that customers should be careful not to misinterpret other bank deductions as stamp duty charges. He explained that banks may consolidate charges, resulting in higher totals, and noted that the commission on NIP transfers is separate from the N50 stamp duty.
The controversy surrounding the new tax laws is not new, as the reforms have faced multiple challenges since their introduction in October 2024. The Nigerian government has dismissed concerns over errors and gaps in the tax laws, despite criticisms from organizations such as KPMG. The latest development has added to the uncertainty surrounding the implementation of the tax reforms, leaving many Nigerians seeking clarity on the issue.
As the situation continues to unfold, it remains to be seen how the government and banking institutions will address the concerns of customers who feel they are being unfairly charged. The implementation of the new tax laws is a significant development in Nigeria’s economic landscape, and resolving the issues surrounding stamp duty charges will be crucial to maintaining public trust in the banking system.
