Tax Law: Man Cries out, Displays How Much Was Deducted from His Account for Sending Someone N10k

• A Nigerian man has raised an alarm about the new tax laws, which he believes have been implemented at the start of 2026
• He pointed this out online after seeing the amount he was charged for sending N10k to someone he purchased something from
• The Federal government had earlier said in 2025 that there is no going back on the implementation of the new tax laws in 2026

A man, @Greatfuljoseph, has cried out over how much was debited from his account after he made a transfer of N10k to someone.

According to him, he bought something from a guy on the morning of January 1 and transferred N10k to the seller.

However, he discovered he was debited N50 for his electronic transaction. @Greatfuljoseph expressed worry that the N50 charge was a confirmation that the new tax laws have been implemented.

He shared a screenshot of his transactionreceipt showing a total debit of N10,050. He wrote:

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"Tax law has started ooooo I bought something this morning and wanted to pay the guy 10k and 50 naira charges was deducted from my account @trigottista @ChuksEricE @firstladyship @FSYusuff are we going to keep quiet about this."

Why was man debited extra N50?

Following the implementation of the updated Tax Act starting January 1, 2026, Legit.ng earlier reported that banks in Nigeria will begin charging senders a N50 stamp duty on electronic transfers of N10,000 and above.

The levy, also referred to as the Electronic Money Transfer Levy (EMTL), is a one-off charge applied to the electronic receipt or transfer of funds deposited in any commercial bank or financial institution.

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See his tweet below:

Reactions trail N50 stamp duty

Legit.ng has compiled some social media reactions to the N50 stamp duty below:

@Octopus_Sonko said:

"Both sender and receiver are already paying the 50 naira for transfers above 10k. It's a welcome development if only the sender will be the one to be paying the 50 naira from 1st of January."

@AlainShonibare said:

"Great news!!! Currently, both senders & recipients were each charged ₦50 for this transactions. However, starting from January 1st, 2026, this policy will undergo a positive adjustment: only the senders will be charged the ₦50 fee, while recipients will no longer bear any cost."

@bulu_kay said:

"This is not true. Both sender & receiver were not charged. Only the receiver was charged the stamp duty fee. Don't confuse bank charges with stamp duty they are not the same. Also, the new law now puts the billing on the sender & not the receiver."

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@seemarkmark said:

"They are transferring the burden to sender only if the amount is below ₦10,000. If above, both sender and receiver are paying the ₦50 at each end of the transaction."

@evanesce_01 said:

"Someone should educate me, is there any other country in the world where a recipient is charged a fraction for receiving 10k naira equivalent. Now the news is talking about the sender to be charged the 50naira again. Buhari charged recipient, BAT charged sender."

@Secretingrident said:

"A 3% surcharge was placed on cash withdrawal of 500k to mitigate cash flow, and support cashless policy, now electronic transfer (cashless ) is being surcharge again! So which one do you want people to practice ?"

@Wahala_Digest said:

"This charge, though small, might just push more people back to cash, making informal transactions harder to track for the government. It could unintentionally slow down financial inclusion."

N50 stamp duty: Fintech platforms alert customers

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Meanwhile, Legit.ng previously reported that fintech companies had alerted their customers about the N50 stamp duty.

Fintech platforms, including OPay, PalmPay, Moniepoint and others, informed users that from January 1, 2026, all transfers of ₦10,000 and above will attract a ₦50 stamp duty, which will now be deducted from the sender’s account.

In messages sent to customers, the fintech firms explained that the new deduction replaces the previous Electronic Money Transfer Levy, which was charged to transaction recipients.

Source: Legit.ng