The Federal Government received N360.29bn from the Electronic Money Transfer Levy (EMTL) between January and October 2025, more than double the N170.92bn recorded in the same period of 2024. A Federal Inland Revenue Service (FIRS) document shows revenue increased by N189.36bn, representing 110.8 percent growth, with every month of 2025 outperforming its 2024 equivalent.
January generated N21.40bn, up from N16.59bn. February more than doubled to N36.64bn from N15.79bn. March collections rose to N26.01bn from N15.37bn. April recorded N40.48bn, a 115.6 percent jump from N18.77bn. May reached N28.82bn, compared with N15.78bn, while June grew to N30.38bn from N16.35bn.
July nearly doubled, rising to N39.17bn from N19.60bn. August climbed to N33.68bn, up from N15.64bn. September posted the sharpest increase, jumping to N53.84bn from N19.21bn, a 180.2 percent rise. October recorded N49.87bn, up from N17.82bn.
Revenue from the levy is shared across the three tiers of government, with 15 percent allocated to the Federal Government and 85 percent to states and local governments. EMTL has become a major non-oil revenue source as Nigeria pushes to expand its tax base.
The levy, introduced under the Finance Act 2020, imposes a N50 charge on electronic inflows of N10,000 and above. Its full implementation across banks and fintech platforms began on December 1, 2024, after initial suspension. Operators such as Moniepoint and OPay informed their customers of the mandatory deductions, clarifying that the charges are collected and remitted to FIRS.
The rollout triggered criticism from Nigerians and industry stakeholders. Former Zenith Bank Chief Economist Marcel Okeke warned that the levy could slow fintech adoption and discourage digital transactions, describing the policy as poorly timed with potentially negative economic consequences.
