Fresh documents have revealed that the administration of President Bola Ahmed Tinubu committed Nigeria to introducing a raft of new taxes and levies on alcohol, telecommunications services, online betting, motor vehicles and electronic money transfers as part of the conditions for securing a $750 million loan from the World Bank.
The loan, obtained under the Accelerating Resource Mobilisation Reforms (ARMOR) Program-for-Results, has intensified concerns over the growing tax burden on Nigerians at a time of persistent inflation, rising living costs and declining household purchasing power.
Official programme documents reviewed by Sahara Reporters show that the World Bank approved the financing on June 14, 2024, while the final loan agreement was signed with the Federal Government five days later.
Records indicate that Nigeria has already drawn $280.551 million from the facility, with disbursements projected to reach $343 million by the end of 2026. The remaining balance is expected to be released in phases, culminating in the full disbursement of the $750 million by 2028.
The programme documents reveal that a central objective of the ARMOR initiative is to significantly increase Nigeria’s domestic revenue through new tax measures and expanded fiscal reforms.
According to details published by the World Bank, the programme includes revenue policies such as higher health-related taxes on tobacco and alcoholic beverages, the introduction of taxes on online betting and gambling, new excise duties on telecommunications services, green taxes on motor vehicles and single-use plastics, as well as the implementation of an Electronic Money Transfer Levy (EMTL).
The policy framework forms part of broader efforts by the Federal Government to improve revenue generation, expand the national tax base and reduce reliance on oil earnings and external borrowing.
The implementation of some of the agreed reforms has already begun.
Barely three months after the loan agreement was concluded, financial technology company OPay notified customers that a ₦50 levy would be charged on electronic transfers of ₦10,000 and above, stating that the deduction was in compliance with regulations issued by the Federal Inland Revenue Service (FIRS).
In the notice issued ahead of the September 9, 2024 commencement date, OPay stressed that the levy was not retained by the company but remitted entirely to the Federal Government.
Subsequently, commercial banks across the country began enforcing the same ₦50 Electronic Money Transfer Levy on qualifying transfers from January 1, 2026, following the implementation of the country’s new Tax Act.
The EMTL, commonly referred to as stamp duty on electronic transfers, is imposed as a one-off charge on electronic receipts or transfers of ₦10,000 and above into bank and other financial institution accounts.
Further evidence of the fiscal reforms emerged in April 2026, when the Tinubu administration announced a green tax surcharge on motor vehicles as part of its 2026 fiscal policy measures.
The policy, which took effect on July 1, 2026, imposes a 2 per cent surcharge on vehicles with engine capacities ranging from 2,000cc to 3,999cc, while vehicles with engines of 4,000cc and above attract a 4 per cent levy.
Government officials said the measure forms part of a broader package of fiscal reforms that also includes revised import tariffs, adjustments to excise duties and the implementation of the Economic Community of West African States Common External Tariff.
The Tinubu administration has consistently defended the tax reforms as necessary to strengthen public finances, improve revenue mobilisation and support long-term economic development.
However, the revelations are expected to fuel renewed criticism from labour unions, economic analysts and civil society organisations, many of whom argue that successive tax increases are imposing additional hardship on Nigerians already struggling with high inflation, stagnant incomes and worsening economic conditions.
With the phased implementation of the ARMOR programme continuing until 2028, attention is now shifting to whether further tax measures outlined in the agreement will be introduced as the Federal Government pursues the remaining conditions attached to the World Bank facility.