The Federal Government of Nigeria has generated N360.29 billion from electronic money transfer levies between January and October 2025, according to a document from the Federal Inland Revenue Service. This amount represents a significant increase of 110.8% compared to the N170.92 billion collected during the same period in 2024.

The monthly figures show a consistent rise in receipts, with each month in 2025 surpassing the corresponding month in 2024. The increases range from 29% in January to 180.2% in September, indicating a sustained growth in taxable transfer volumes. The revenue collected in September was the highest, with N53.84 billion, while October generated N49.87 billion.

The Electronic Money Transfer Levy, which was introduced through the Finance Act 2020, imposes a one-time levy of N50 on the recipient of any electronic receipts or transfers of N10,000 or more. The levy is shared among the three tiers of government, with 15% going to the Federal Government and 85% to states and local governments.

The implementation of the levy on fintech transactions in December 2024 followed an initial suspension due to public outcry. The move has been met with concerns from economists, who warn that it could have negative consequences for the economy, particularly in the fintech sector. Despite these concerns, the revenue generated from the levy has doubled in 2025, providing a significant supplementary revenue source for the government.

The growth in electronic money transfer levies is part of Nigeria’s efforts to increase non-oil revenues. The government has been exploring various means to diversify its revenue streams, and the Electronic Money Transfer Levy is one of the measures aimed at achieving this goal. As the country continues to navigate its economic challenges, the significance of this revenue stream is likely to remain a key focus area for the government.