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Govt earns N80.86bn from electronic transfer fee

Electronic transfer levies have generated N80.86bn for the three tiers of government in the first six months of 2023.

This is according to data obtained from the Federation Account Allocation Committee communique for January to June 2023. It also followed a surge in electronic transfers that had been recorded in the country, in recent times.

Electronic money transfer levy was introduced as a source of government revenue in the Finance Act 2020, which amended the Stamp Duty Act to tap into the growth of electronic funds transfer in Nigeria.

The EMT levy is a singular and one-off charge of N50 on electronic receipt or transfer of money deposited in any deposit money bank or financial institution on any type of account on sums of N10,000 or more.

Since its introduction, it had been a steady source of income for the three tiers of government. The government made N13.8bn from electronic money transfer levies in January, N11.65bn in February, N14.49bn in March, N15.12bn in April 2023, N14.37bn in May, and N11.44bn in June.

The government was also moving to surpass its N137.03bn projection for 2023. In its 2023 – 2025 Medium Term Expenditure Framework and Fiscal Strategy Paper, the Budget Office of the Federation hoped to make N137.03bn from EMTL in 2023, N157.59bn in 2024, and N189.11bn in 2025

Punch

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