Wike’s Aide Shares ‘How Much Tax Was Deducted’ After N80,000 Transfer, Nigerians React
- Lere Olayinka, an aide to the FCT Minister, has reported a deduction from his bank transfer
- His claims sparked debate on social media as banks begin the implementation of N50 stamp duty
- Banks, Wema, Ecobank, and GTBank clarified that the charge is paid by the sender
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Banks have started implementing new stamp duty charges for electronic bank transfers, sparking debate on social media after Lere Olayinka, an aide to the Federal Capital Territory (FCT) Minister Nyesom Wike shared his experience of deductions from a routine transfer.
Source: Getty Images
Olayinka said in a post on X, formerly Twitter, that he transferred N80,000 and had N53.75 deducted:
He wrote:
"Today is January 7, 2026. How much tax has the Federal Government deducted from your account? This morning, I sent N80,000 to someone, and N53.75 was deducted. Meanwhile, some people have been lying up and down"
Olayinka added, claiming that there had been misinformation about the deductions.
Nigerians reacts to Lere olayinka's claim
The announcement drew mixed reactions online.
While some users questioned Olayinka’s claims, others shared their experiences.
One user, @uty_onuk, wrote:
“Tax is evaluated at the end of the tax year”
While, @MistaJ4Justice said:
“Tax is not deducted per transaction. It's a periodic thing…we are talking about TAX not VAT.”
Another user, @i_blanq, added"
"N50 was deducted after sending N186,000."
Source: UGC
New stamp duty
The deductions follow changes under the Nigeria Tax Act 2025, which replaced the former Electronic Money Transfer Levy (EMTL) with a stamp duty charge.
Under the new framework, a flat N50 fee is deducted from the sender for transfers of N10,000 and above, in addition to standard bank transfer fees.
Several banks issued notices clarifying the policy.
Wema Bank said:
“Effective January 1, 2026, the Nigeria Tax Law 2025 introduces changes to the Electronic Money Transfer Levy, now renamed Stamp Duty. The N50 stamp duty charge, previously paid by the receiver, will now be paid by the sender.
Transfers below N10,000, salary payments, and intrabank transfers between accounts belonging to the same person are exempt.”
Ecobank added that
“The N50 EMTL will now be referred to as Stamp Duty, and the sender will now bear the charge."
GTBank confirmed similar rules, noting that:
“Transfers below N10,000, salary payments, and intra-bank transactions within GTBank will not attract the N50 charge. The stamp duty is separate from regular transfer fees and will be clearly disclosed at the point of transaction.”
Banks on TIN on bank accounts
Earlier, Legit.ng reported indicated that the federal government directed Nigeria’s banks to implement new tax measures starting January 1, 2026.
Under the policy, banks must collect Tax Identification Numbers (TIN) from all taxable Nigerians with bank accounts, affecting potentially millions of account holders across the country.
Taiwo Oyedele, chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, confirmed the directive in an interview shared on his official X account.
Proofreading by Funmilayo Aremu, copy editor at Legit.ng.
Source: Legit.ng
