The FAAC has revealed that the three levels of government received N80.86 billion in revenue from electronic transfer charges in the first half of 2023.
This is based on information taken from a statement from the Federation Account Allocation Committee for the period of January to June 2023. Additionally, it came after a recent rise in electronic transfers that had been observed in the nation.
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In order to capitalise on the expansion of electronic funds transfers in Nigeria, the Finance Act 2020, which revised the Stamp Duty Act, included an electronic money transfer charge as a source of government revenue.
The EMT levy is a one-time N50 fee that is applied to any sort of account that receives or transfers money electronically from any bank or financial institution.
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.
“The Main Pool, VAT Pool, and Electronic Money Transfer Levy are projected at N4.89tn, N2.74tn, and N136.35bn, respectively, in 2023,” it said.
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