The Federal Government earned N360.29 billion from the Electronic Money Transfer Levy between January and October 2025, more than doubling the N170.92 billion collected in the same period last year.
According to a report by The PUNCH, Federal Inland Revenue Service monthly revenues were higher across all ten months of 2025, with significant jumps recorded as more banks and fintech platforms fully implemented the N50 charge on electronic inflows of N10,000 and above.
The figures highlight a sharp rise in taxable transfer volumes and a growing reliance on non-oil revenue sources.
In January, the levy brought in N21.40bn compared to N16.59bn in January 2024. By February, collections rose sharply to N36.64bn, more than double the N15.79bn recorded a year earlier. March followed with N26.01bn, up from N15.37bn last year.
The upward trend continued in April, when revenue climbed from N18.77bn in 2024 to N40.48bn in 2025. May brought in N28.82bn, up from N15.78bn the previous year, while June collections rose to N30.38bn compared with N16.35bn in 2024.
July almost doubled year-on-year at N39.17bn, while August saw collections reach N33.68bn, up from N15.64bn in 2024.
September posted the strongest increase, jumping from N19.21bn last year to N53.84bn in 2025. October stayed close to that peak, generating N49.87bn compared with N17.82bn a year earlier.
The levy, introduced through the Finance Act 2020 and applied to electronic receipts or transfers of N10,000 and above, is shared among all levels of government, with 15 per cent going to the Federal Government and 85 per cent to states and local governments.
Fintech companies and banks began full enforcement of the levy on December 1, 2024, after an earlier attempt to introduce it in September triggered complaints from Nigerians and was briefly suspended.
Several platforms informed users of the mandatory N50 charge at the time. Moniepoint told customers, “FIRS charges you N50 for inflow received in your Moniepoint personal banking account. Moniepoint does not benefit from this but receives and remits this sum to FIRS.” OPay also notified users that the levy applied from December 1.
The rising collections in 2025 come despite concerns from analysts who warned the levy could slow growth in the digital payments sector.
Former Chief Economist at Zenith Bank, Marcel Okeke, earlier said the policy could discourage the use of fintech services. He said, “The Federal Government’s move to impose a N50 levy on fintech transactions is driven by a desire to boost revenue. However, this approach may have unforeseen consequences. By targeting digital transactions, the government may inadvertently discourage people from using these services, leading to a demonetisation of the economy.”
Despite earlier pushback, EMTL revenue has now become one of the fastest-growing non-oil income streams for the government.
