The Nigeria Revenue Service (NRS) has debunked reports suggesting that a new Value Added Tax (VAT) has been imposed on banking services, describing such claims as false and misleading.
In a statement issued on January 15, 2026, the Service clarified that no new tax has been introduced under the Nigeria Tax Act affecting bank customers. According to the NRS, existing tax provisions remain unchanged, and there are no additional VAT obligations on banking transactions.
The agency emphasised that VAT on banking-related services—such as fees, commissions, and electronic money transfers—has been part of Nigeria’s established VAT framework for a long time. It noted that current laws merely sustain these longstanding practices, without introducing new charges or increasing transaction costs for customers.
Emphasising the importance of accuracy and public confidence in the tax system, the NRS urged Nigerians to disregard what it described as “categorically incorrect” information circulating in sections of the media. The clarification, it said, was necessary to prevent confusion and unwarranted concern among bank users.
The Service further advised taxpayers and stakeholders to seek information only from official sources for reliable tax updates. It added that its HelpDesk remains available for enquiries via telephone on 02094602700 and email at helpdesk@nrs.gov.ng.
According to the NRS, the clarification reflects its ongoing commitment to transparency and timely communication with the public on tax-related matters.
