The Nigeria Tax Act (NTA) 2025 effectively repeals the previous Stamp Duties Act and consolidates the provisions into sections 123 to 126 of the new Act. Section 123 of the NTA2025 imposes stamp duty on all Instruments first executed in Nigeria, such as leases, contracts, conveyances, and share transfers, and Instruments executed outside Nigeria that are connected to Nigerian property, business, or matters at either a fixed rate or ad valorem.

The instruments are required to be stamped not later than 30 days from the date of execution or it could attract 10% of the unpaid duty and interest at the prevailing Central Bank of Nigeria Monetary Rate. Furthermore, an unstamped instrument is inadmissible in court, except as evidence in a criminal proceeding.

The instruments that are liable for stamp duty at ad-valorem rates(according to value)includes:

The instruments that attract a Fixed duty charge include:

1. Agreement or Contracts (all types)
2. Agreement or Memorandum of Agreement under hand
3. Bill of Exchange – Payable on Demandzz
4. Bill of Lading
5. Cheque leaf (Bill of Exchange)
6. Counterpart or Duplicate
7. Draft for money (see Bill of Exchange)
8. Guarantee
9. Letter of credit (see Bill of Exchange)
10. Order (for the payment of money)
11. Policy of marine insurance
12. Policy of insurance against personal injury
13. Receipt (for value from N10,000)
14. Electronic receipt or Transfer of N10,000 upwards

However, Section 184 of the Act further provides for instruments that are exempted from stamp duties. These instruments are:

1. Transfer of shares in Government or legislative stocks or funds of Nigeria ;
2. Any instrument for sale, transfer or other disposition, either absolutely or by way of mortgage, or otherwise, of any ship or vessel or any part, interest, share or property of or in any ship or vessel ;
3. Any instrument on which the duty would be payable by a Nigerian Government or any of its ministries, departments or agencies ;
4. Any instrument in which the duty would be payable by any consular officer arising out of his official functions provided the foreign government he represents grants similar exemption to Nigerian consular officers ;
5. Any instrument executed by or on behalf of a co-operative society registered under any Act or law ;
6. Shares, stocks or securities transferred by a lender to its approved agent or a borrower in furtherance of a Regulated Securities Lending Transaction;
7. Shares, stocks or securities returned to a lender or its approved agent by a borrower under a Regulated Securities Lending Transaction ;
8. All documents relating to the transfer of stocks and shares; or
9. Electronic transfer or electronic receipts of money of a sum below N10,000 or its equivalent in other currencies, transfers for salary payment and intra-bank self-transfers.