The Federal Government of Nigeria collected N360.29 billion from electronic‑money‑transfer levies between January and October 2025, according to a Federal Inland Revenue Service document. This figure represents a 110.8 % increase over the N170.92 billion collected during the same period in 2024. Monthly receipts show a consistent rise, with every month in 2025 surpassing its 2024 counterpart. Increases range from 29 % in January to 180.2 % in September, indicating sustained growth in taxable transfer volumes. September recorded the highest revenue at N53.84 billion, followed by October with N49.87 billion.
The Electronic Money Transfer Levy, introduced by the Finance Act 2020, imposes a one‑time charge of N50 on recipients of electronic receipts or transfers of N10,000 or more. The levy is shared among the three tiers of government: 15 % goes to the Federal Government and 85 % to state and local governments. After an initial suspension due to public outcry, the levy on fintech transactions was reinstated in December 2024.
Economists have expressed concerns that the levy could negatively affect the economy, particularly the fintech sector. Nevertheless, revenue from the levy has more than doubled in 2025, providing a significant supplementary source of income for the government. This growth forms part of Nigeria’s broader strategy to boost non‑oil revenues and diversify its fiscal base. As the country continues to confront economic challenges, the importance of this revenue stream is likely to remain a key focus for policymakers.
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