NAIRAMETRICS
Nigerian bank customers paid a total of N133.89 billion as electronic money transfer (EMTL) levy to the government between January and August this year.
This was revealed in the 2025-2027 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP), which highlights the government’s revenue for the period.
Banks deduct the N50 EMTL levy on behalf of the government on every transaction from N10,000 and above.
The amount realized in eight months represents 76% of the government’s revenue projection from the source in 2024, which was put at N175.11 billion in the year’s budget.
More revenue targeted for 2025 as EMTL net is expanded
Meanwhile, the government is targeting more revenue from the EMTL next year as the collection of the levy has been extended from commercial banks to cover transactions on all fintech platforms.
According to the MTEF/FSP document, the government hopes to generate N228.85 billion from EMTL in 2025, representing a 31% increase over the 2024 revenue projection.
