ABUJA, Nigeria (VOICE OF NAIJA)- The Federal Government received N360.29bn in electronic money transfer levy revenue between January and October 2025, according to a Federal Inland Revenue Service document.
This figure doubled more than the N170.92bn collected during the same period in 2024, marking an increase of N189.36bn, or 110.8 per cent.
Monthly data indicated that collections were higher in every month of 2025 compared with the corresponding months in 2024.
The rise was consistent and notable throughout the period.
In January 2025, collections totalled N21.40bn compared with N16.59bn in January 2024, reflecting a growth of N4.82bn (29 per cent).
February saw an even more dramatic jump, with revenue surging from N15.79bn in 2024 to N36.64bn in 2025. March generated N26.01bn, up from N15.37bn the previous year, representing an increase of N10.64bn (69.2 per cent).
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April also recorded substantial growth, with revenue rising from N18.77bn in 2024 to N40.48bn in 2025 an increase of N21.71bn (115.6 per cent).
The upward trend continued into May, which recorded N28.82bn, exceeding the N15.78bn achieved in May 2024 by N13.04bn (82.7 per cent).
June collections grew from N16.35bn to N30.38bn, marking a rise of N14.03bn (85.9 per cent).
July nearly doubled its previous year’s figure, bringing in N39.17bn compared with N19.60bn in July 2024.
August followed a similar trajectory, rising from N15.64bn in 2024 to N33.68bn in 2025 a difference of N18.04bn (115.3 per cent).
September recorded the most dramatic leap, with revenue increasing from N19.21bn to N53.84bn, representing a rise of N34.63bn (180.2 per cent).
October remained close to that peak, generating N49.87bn in 2025 compared with N17.82bn in 2024.
Although slightly below September’s level, October still ranked among the highest-performing months.
Proceeds from the levy are distributed among the three tiers of government according to an approved revenue-sharing formula.
The levy has become an increasingly important non-oil revenue source as Nigeria intensifies its efforts to diversify government income.
Typically, 15 per cent of the revenue goes to the Federal Government, while the remaining 85 per cent is shared among states and local governments.
Late in 2024, operators of Point-of-Sale terminals adjusted their charges following the enforcement of the Electronic Money Transfer Levy of N50 by the FIRS, applied to any electronic credit of N10,000 and above.
Several fintech platforms informed customers that they would begin implementing the N50 levy in line with the Federal Government Stamp Duty Act, with remittances directed to the Federal Inland Revenue Service.
Moniepoint notified its users, saying, “Please be informed that in compliance with the Federal Government Stamp Duty Act, you would be charged an Electronic Money Transfer Levy of N50 by the Federal Inland Revenue Services on any electronic inflow of N10,000 and above”, adding that “FIRS charges you N50 for inflow received in your Moniepoint personal banking account.
READ ALSO: Economists Warn: N50 Transfer Levy Could Stifle Fintech Growth
Moniepoint does not benefit from this but receives and remits this sum to FIRS.”
The platform clarified that the levy applies to electronic inflows of N10,000 or more, except when the transfer occurs between two Moniepoint accounts belonging to the same user.
OPay also notified its customers, stating, “Dear customer, in line with the FIRS, the EMTL applies starting December 1st, 2024.”
The Electronic Money Transfer Levy was first introduced under the Finance Act 2020, which extended the Stamp Duties Act to cover electronic transactions.
The regulations outline the imposition, administration, collection, and remittance of the levy, which applies as a one-time charge of N50 on recipients of electronic receipts or transfers of N10,000 or more.
The levy’s initial rollout on fintech platforms in September 2024 sparked significant public criticism, particularly on social media, where many Nigerians complained about rising taxes without corresponding improvements in governance or transparency.
This backlash led to its suspension until December 1, 2024.
With the levy now fully implemented across both bank and fintech transactions, revenue from EMTL has doubled in 2025.
Economists had earlier warned that the policy could negatively impact the rapidly expanding fintech sector.
Former Zenith Bank Chief Economist, Marcel Okeke, cautioned that the policy was poorly timed and could have broad negative implications for the economy.
Okeke argued, “The Federal Government’s move to impose a N50 levy on fintech transactions is driven by a desire to boost revenue.
However, this approach may have unforeseen consequences. By targeting digital transactions, the government may inadvertently discourage people from using these services, leading to a demonetisation of the economy,” Okeke said.