The Federal Government amassed N84.05bn from the Electronic Money Transfer Levy (EMTL) during the first quarter of 2025, according to data reviewed from a Federal Inland Revenue Service (FIRS) document obtained by Sunday PUNCH.....KINDLY READ THE FULL STORY HERE▶

The figure marks a 76 per cent increase compared to the N47.74bn collected during the same period in 2024, highlighting improved enforcement measures and Nigeria’s growing embrace of digital financial transactions.

A detailed analysis showed that EMTL collections in January 2025 reached N21.40bn, a 29.1 per cent rise compared to N16.59bn collected in January 2024. February recorded a sharp leap, with revenues surging to N36.64bn — more than double the N15.79bn collected in February 2024, representing a 132 per cent growth.

In March 2025, collections stood at N26.01bn, a 69.2 per cent increase over the N15.37bn recorded in March 2024. Month-to-month performance revealed that February outpaced January by 71 per cent, although March’s figures dropped by 29 per cent compared to February’s peak while still outperforming March 2024 figures significantly.

The EMTL, introduced via the Finance Act 2020 and operational since 2021, places a N50 charge on electronic transfers or receipts amounting to N10,000 and above. Proceeds are distributed among federal, state, and local governments based on an agreed revenue-sharing formula, bolstering Nigeria’s drive to diversify its revenue streams beyond oil.

Typically, 15 per cent of the EMTL proceeds are allocated to the Federal Government, while 85 per cent are shared between states and local governments.

Documents from the Office of the Accountant General of the Federation showed that the Federation Account Allocation Committee (FAAC) distributed a total of N80.69bn from EMTL proceeds in Q1 2025 — a significant rise from N46.45bn shared during the same period in 2024.

In January 2025, FAAC disbursed N20.548bn in EMTL collections, with the Federal Government receiving N3.082bn, states N7.192bn, and local governments N10.274bn.

February’s disbursement rose sharply to N35.171bn: the Federal Government got N5.276bn, states received N17.585bn, and local councils collected N12.310bn.

In March 2025, a total of N24.971bn was shared, with N3.746bn going to the Federal Government, N12.485bn to states, and N8.740bn to local governments.

Compared to Q1 2024, the total amount shared from EMTL in Q1 2025 increased by 73.7 per cent. The Federal Government’s allocation jumped from N6.875bn in Q1 2024 to N12.104bn in Q1 2025 — a 76 per cent rise.

State governments saw their share grow from N22.916bn to N37.262bn, a 62.6 per cent increase, while local government councils recorded the highest growth rate of about 88 per cent, moving from N16.659bn in Q1 2024 to N31.325bn in Q1 2025.