A man, @Greatfuljoseph, has cried out over how much was debited from his account after he made a transfer of N10,000 to someone.
According to him, he bought something from a guy on the morning of Thursday, January 1 and transferred N10,000 to the seller.
However, he discovered he was debited N50 for his electronic transaction.
@Greatfuljoseph expressed worry that the charge was a confirmation that the new tax laws had already been implemented.
He shared a screenshot on X of his transaction receipt, showing a total debit of N10,050, and wrote:
“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 the man got debited
Following the implementation of the updated Tax Act starting January 1, 2026,
It was earlier announced that banks in Nigeria would 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.
See his post below:
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 pic.twitter.com/kelmv0lQZP
— J.MIGHTY↗️ (@Greatfuljoseph) January 1, 2026
