The Nigeria Revenue Service (NRS) has dismissed reports suggesting that the Federal Government has introduced a new Value Added Tax (VAT) on banking services, describing the claims as misleading.
In a press statement issued on January 15, 2026, the Service clarified that the Nigeria Tax Act did not impose any fresh VAT on banking fees, commissions, or electronic transfer charges.
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According to the NRS, VAT has long been applicable to fees for services rendered by banks and other financial institutions in line with existing tax laws and regulations.
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The agency stressed that there is no additional tax burden on customers arising from any recent legislation, adding that current VAT practices in the financial sector remain unchanged.
The Service urged members of the public, businesses, and stakeholders to disregard the misinformation being circulated in some quarters.
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It further advised citizens to rely solely on official communication channels of the NRS for accurate and up-to-date information on tax matters.
The clarification is expected to ease concerns among bank customers and reinforce public understanding of Nigeria’s tax framework.