Share
Olugbemi. Adeyinka Ogunleye
1 week ago
Overview
Lagos Got 58.5% of Electronic Money Transfer Levy in June
*Revenue hits N183.7bn in H1
*Stamp duty, EMTL rose to N221bn in six months
*FIRS begins electronic invoicing, fiscal system for large taxpayers
Lagos State received 58.5 per cent of all collections from the country’s non-import Electronic Money Transfer Levy (EMTL) revenue in June 2025, a presentation made by the Federal Inland Revenue Service (FIRS), confirmed by the Central Bank of Nigeria (CBN) at the July Federation Account Allocation Committee (FAAC) meeting has shown.
A THISDAY analysis of data from the meeting showed that total non-import EMTL collections for June stood at N30.3 billion, up N1.55 billion or 5.41 per cent from May’s N28.8 billion.
In all, in the first half of 2025, the records showed an aggregate of N183.7 collected through the EMT levy, which when paired with N37.3 billion from stamp duty, brought combined receipts for January to June to N221 billion.
The EMTL is a charge imposed in Nigeria on bank transfers of N10,000 and above, whether the transfer is between individuals, businesses, or both.
It is a flat N50 levy per qualifying transfer, introduced under the Finance Act 2020 to replace the earlier stamp duty charge on electronic receipts. The CBN and commercial banks collect it on behalf of the FIRS.
It’s a non-oil revenue source for the government, with proceeds shared among the three tiers of government (Federal, State, Local) via the Federation Account, using a derivation formula based on where the transaction originated.
The concentration of June collections in Lagos was striking, but not surprising, with the state alone accounting for N17.7 billion of the total monthly pool. The index figure attached to Lagos in the state breakdown underscored its overwhelming share and corroborated why it dominates revenue flows derived from digital transactions.
By contrast, the Federal Capital Territory (FCT) came a far second position, collecting about N1 billion or 3.32 per cent; Rivers got N892.5 million or 2.94 per cent; Anambra N866.41 million or 2.85 per cent and Delta N796.6 million, approximately 2.62 per cent. No other single state reached more than a mid-single digit share of the national total.
The pattern is consistent with a larger economic geography. Lagos is Nigeria’s financial and commercial hub, hosts the bulk of formal business activity, payment gateways and fintech volumes, and serves as the clearing point for many digital transactions that are captured by the EMT mechanism.
More: https://www.thisdaylive.com/2025/08/11/lagos-got-58-5-of-electronic-money-transfer-levy-in-june/
