The Federal Government received 360 billion naira from electronic money transfer levies between January and October 2025 is accurate, according to official figures from the Federal Inland Revenue Service (FIRS) and multiple credible news outlets.
The total amount collected was actually N360.29 billion, which represents a significant increase from the N170.92 billion collected in the same period of 2024, marking a year-on-year growth of over 110%.
This surge is attributed to stricter enforcement and a higher volume of electronic transactions, as more Nigerians and businesses continue to adopt digital payment platforms.
The monthly breakdown of the electronic money transfer levy (EMTL) collections shows a consistent rise in every month of 2025 compared to the previous year.
For example, January 2025 saw collections of N21.40 billion, up from N16.59 billion in January
2024, while February’s receipts more than doubled, jumping from N15.79 billion to N36.64 billion.
March and July also recorded substantial increases, with July’s collections nearly doubling year-on-year to N39.17 billion.
These figures reflect not only expanded enforcement but also a growing reliance on digital financial services across Nigeria.
The proceeds from the EMTL are shared among the federal, state, and local governments according to an approved revenue-sharing formula.
Typically, the federal government receives 15% of the total collections, while the remaining 85% is distributed to state and local governments.
For the first quarter of 2025, the federal government received about N12.1 billion from EMTL collections, while states and local governments received the bulk of the funds.
This sharing mechanism ensures that all tiers of government benefit from the growth in digital transaction revenues.
The electronic money transfer levy was first introduced through the Finance Act 2020, which expanded the scope of dutiable instruments under the Stamp Duties Act to include electronic transactions.
The law imposes a one-time levy of N50 on recipients of any electronic transfer of N10,000 or more.
While the levy has been controversial, with concerns about its impact on financial inclusion and cashless adoption, the government has maintained that it is a necessary step toward broadening the tax base and increasing non-oil revenues.
There is no detailed public breakdown of exactly how the 360 billion naira has been spent specifically in 2025.
However, the general practice is that these funds are deposited into the Federation Account and disbursed to the three tiers of government for various developmental and administrative purposes.
The federal government typically allocates its share to critical sectors such as infrastructure, education, health, and security.
States and local governments use their portions for local projects, including road maintenance, public health initiatives, and community development.
The rise in EMTL revenue is a clear indicator of Nigeria’s increasing digitalization and financial inclusion.
The government has leveraged this trend to boost non-oil revenues, which are crucial for reducing dependence on oil and improving fiscal stability.
While some critics argue that the levy may discourage small transactions or informal sector activity, the overall effect has been positive for government coffers and, by extension, public service delivery.
Despite the significant revenue generated, there have been calls for greater transparency and accountability in how these funds are utilized.
Civil society groups and media watchdogs continue to monitor government spending to ensure that the proceeds from the EMTL are used for the benefit of all Nigerians and not misappropriated.
The government has been urged to provide more detailed quarterly reports on the allocation and impact of these funds.
In summary, the federal government indeed received 360 billion naira from electronic money transfer levies between January and October 2025, a figure that underscores Nigeria’s rapid digital transformation and the government’s efforts to diversify its revenue sources.
While the funds are shared among federal, state, and local governments, their specific uses remain broadly aligned with developmental and administrative needs, though more transparency is needed to build public trust.