By Abdullahi Mukhtar Algasgaini
The Nigeria Revenue Service (NRS) has issued a statement to correct what it calls misleading reports about the introduction of Value Added Tax (VAT) on banking services.
In a press release dated January 15, 2026, the NRS categorically denied that the Nigeria Tax Act had newly imposed VAT on banking fees, commissions, or electronic transfer charges.
The Service clarified that VAT has always been applicable to fees for services rendered by banks and other financial institutions under the country’s longstanding VAT regulations.
It stated there is no new tax obligation for customers arising from recent legislation.
The NRS urged the public and all stakeholders to disregard the misinformation and to depend only on its official channels for accurate tax information.