The Federal Government surpassed its Electronic Money Transfer Levy (EMTL) revenue target by N88.73 billion in the first half of 2025. Surging digital transactions drove the significant outperformance.
Okay News reports that data from the newly released 2025–2027 Medium Term Expenditure Framework (MTEF) revealed the results. EMTL collections reached N222.90 billion against a prorated expectation of N134.17 billion.
This represents a 66.1 percent overachievement. The levy benefited from widespread adoption of electronic payments across Nigeria.
Non-oil revenue showed mixed results overall. Corporate Income Tax (CIT) collections hit N5.86 trillion, exceeding the half-year projection by 7.6 percent.
Value-Added Tax (VAT) performed strongly with N4.82 trillion realised. It beat targets by N439.22 billion, or 10 percent.
Despite these gains, net non-oil revenue totalled N12.14 trillion. This fell short of projections by N1.81 trillion, indicating collection challenges.
Oil and gas revenue lagged severely. Gross receipts stood at only N11.17 trillion against a prorated N29.78 trillion.
Performance reached just 37.5 percent of target. Production issues, price fluctuations, and refining constraints contributed to the weakness.
After deductions including 13 percent derivation, net oil inflows amounted to N9.61 trillion. This was 62.2 percent below expectations.
The oil shortfall heightened reliance on non-oil sources. EMTL strength helped offset part of the revenue gap.
Digital transaction growth underpinned the EMTL success. Nigerians processed substantial volumes through mobile and online channels.
NIBSS data showed N284.9 trillion in electronic spending in the first quarter alone. This marked a 22 percent rise year-on-year.
The surge reflects deepening financial inclusion and cashless policy impacts. It supports fiscal targets amid oil sector volatility.
These outcomes inform budgetary planning and highlight the growing role of digital economy contributions to national revenue.
