The Federal Government of Nigeria has reported a revenue of ₦84.05 billion from the Electronic Money Transfer Levy (EMTL) in the first quarter of 2025. This significant figure underscores the growing adoption of digital financial transactions across the country.
Introduced under the Finance Act 2020, the EMTL imposes a ₦50 charge on electronic transfers of ₦10,000 and above. The levy applies to transactions conducted through banks and financial institutions, including fintech platforms.…….CONTINUE READING
The Federation Account Allocation Committee (FAAC) disclosed that in December 2024 alone, the EMTL contributed ₦31.2 billion to the federation account. This revenue was distributed among the three tiers of government: the Federal Government received ₦4.682 billion, state governments ₦15.605 billion, and local government councils ₦10.924 billion.
The surge in EMTL revenue is attributed to the increased volume of electronic transactions and the inclusion of fintech companies in the levy collection framework. Fintech firms contributed $18 million (approximately ₦15 billion) to the EMTL in the first quarter of 2025, reflecting a significant rise in digital payment activities.
This development highlights the Federal Government’s efforts to diversify its revenue streams and adapt to the evolving digital economy. As electronic transactions continue to rise, the EMTL is poised to remain a substantial source of government revenue.
