The National Revenue Service (NRS) has addressed public concerns over reports of “double stamp duty” deductions appearing on banking transactions across the country. The clarification follows the rollout of the new Tax Laws (2025), which aim to simplify Nigeria’s fiscal structure and improve transparency in the tax system.
According to reports, several bank customers noticed multiple deductions labeled as stamp duties or electronic money transfer levies (EMTL) on single transactions. This development raised alarm among citizens and businesses, prompting calls for immediate explanation from financial regulators.
In a statement released on Monday, the NRS assured Nigerians that the purpose of the new tax reforms is to “eliminate multiple taxation and reduce the financial burden on citizens, not to increase it.” The agency emphasized that the harmonized framework introduced under the new laws provides clear guidelines to ensure all transaction-based levies are applied once, in a transparent and consistent manner across banks.
To address the situation, the NRS confirmed that it is working closely with the Central Bank of Nigeria (CBN) and the Committee of Bankers to investigate the reported cases. Preliminary findings suggest that the double deductions may be linked to system integration challenges and differences in transaction classification.
“These issues could stem from brief synchronization lags between old banking software and the newly implemented tax collection modules,” the agency explained. It further noted that part of the confusion might also involve distinguishing between the Electronic Money Transfer Levy (EMTL) and certain duty charges on high-value corporate transactions.
To safeguard consumers, the NRS announced several immediate actions. These include a full audit of bank deductions in partnership with regulators to identify and correct any erroneous charges. The agency also mandated that any confirmed cases of over-taxation or duplicate deductions caused by technical errors will be refunded to the affected customers without delay.
In addition, the NRS disclosed that a nationwide sensitization campaign will begin this week to educate taxpayers about how transaction levies work under the new law.
“The Federal Government remains dedicated to a People-First fiscal policy,” the NRS stated. It added that citizens should report any irregularities in tax-related deductions directly to their banks or through the official NRS transparency portal for swift resolution.
