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FG Rakes In N84bn From Digital Transfer Levy In Q1 2025
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.
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Tears For A Titan: Family Unveils Emotional Three-Day Funeral Plan For Iconic Actor Kola Oyewo!.
The funeral arrangements for the celebrated Nigerian actor, theatre scholar, and traditional ruler, Chief Dr. Adekola Gabriel Oyewo (Kola Oyewo), have been finalized by his family, with interment scheduled for Friday, August 7, 2026, in Osun State. The veteran actor passed away at age 80, leaving behind a legacy as a prominent figure in stage, television, and academia.....KINDLY READ THE FULL STORY HERE▶
The three-day farewell, organized by the Balogun Oyekola Oyewo Memorial Committee, follows this schedule:
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Wednesday, August 5, 2026: A wake-keep and service of songs will be held at St. Mary’s Catholic Church, Igboya, Ile-Ife.
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Thursday, August 6, 2026: A commendation mass is scheduled at St. Mary’s Catholic Church, followed by an artistes’ night at the Obafemi Awolowo University (OAU) Oduduwa Hall. An exhibition celebrating his works and photographs will also open at the Pit Theatre, African Studies Building, OAU, running through Friday.
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Friday, August 7, 2026: After a morning departure from his residence, a requiem mass will take place at St. Joseph Catholic Church, Oba-Ile. He will be laid to rest in a private ceremony at 12:45 p.m. at Labaluyegbe Villa, followed by a reception at Aderonmu Grammar School Field.
The Bangbola Oyewo family of the Ese-Ola Royal House remembered him as a beloved family man, traditional leader, and an inspiration to generations of theatre practitioners. His passing is regarded as the end of an era for the Nigerian theatre community, where he served as an Associate Professor of Drama and a long-standing mentor.
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Nation In Shock! Herders’ King Brutally Murdered: Cops Race Against Time To Catch Killers!.
Authorities have initiated a comprehensive investigation into the murder of Risku Mohammed, the Benue State Chairman of the Miyetti Allah Cattle Breeders Association of Nigeria (MACBAN), and his associate, Yakubu Isa. The two men were reportedly ambushed by unidentified attackers near Ahimeni in the Okodu area while traveling back from a peace summit in Otukpo.....KINDLY READ THE FULL STORY HERE▶
Benue State Commissioner of Police, Cletus Nwadiogbu, condemned the act as a “senseless and criminal” effort to destabilize local peace and security. Through PPRO DSP Udeme Edet, the Commissioner announced that tactical and intelligence teams have been mobilized to hunt down the perpetrators. CP Nwadiogbu has urged the public to avoid spreading rumors or pursuing vigilante justice, instead appealing for any useful information to be shared with the police to assist in the swift arrest and prosecution of those responsible.
Option 2: Concise News Style
Police in Benue State are hunting for the gunmen who killed MACBAN State Chairman Risku Mohammed and Yakubu Isa. The victims were attacked near Ahimeni in the Okodu area while returning from a peace meeting in Otukpo.
State Commissioner of Police Cletus Nwadiogbu denounced the killings and vowed that the command would “leave no stone unturned” in bringing the culprits to justice. Tactical units have been deployed to the area to track down the assailants. The Commissioner extended his condolences to the bereaved families and called on residents to remain calm, law-abiding, and to report any leads to the nearest police station. He reiterated the command’s firm commitment to ensuring the safety of all citizens and holding the criminals accountable.
Option 3: Action-Oriented
Following the tragic assassination of Benue MACBAN Chairman Risku Mohammed and Yakubu Isa, the State Police Command has launched a full-scale investigation. The victims were killed by unknown assailants near Ahimeni, Okodu, following a peace engagement in Otukpo.
Commissioner of Police Cletus Nwadiogbu has directed tactical and intelligence units to track down and arrest the attackers immediately. In a public statement, the command emphasized that such criminal acts will not be tolerated and that every effort is being made to secure justice for the victims. The public is encouraged to assist the investigation by reporting any relevant information through official channels and is cautioned against fueling tensions by sharing unverified reports.
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Currency Watch: Dollar Holds Firm Against Naira At ₦1,378 Amid Economic Uncertainty!.
On June 26, 2026, the dollar-to-naira exchange rate at the Lagos parallel market, commonly referred to as the black market, saw sellers offering the dollar at ₦1402, while buyers were purchasing it at ₦1391, according to Bureau De Change (BDC) sources. It is important to note that the Central Bank of Nigeria (CBN) does not officially recognize this market and advises individuals to conduct foreign exchange transactions through their respective banks.....KINDLY READ THE FULL STORY HERE▶
Additionally, the CBN’s official rates for the same period ranged from a high of ₦1385 to a low of ₦1376. Please be aware that actual transaction prices may vary and might differ from the figures provided in this report.
Exchange Rate Summary (June 26, 2026)
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Parallel Market (Selling): ₦1402
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Parallel Market (Buying): ₦1391
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CBN Official Rates: ₦1376 – ₦1385
What specific aspect of the current foreign exchange market or its impact on consumer trends would you like to discuss further?
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