FG Generates Over N78bn from Bank Transfers in First Five Months of 2024: Report

FG Generates Over N78bn from Bank Transfers in First Five Months of 2024: Report

The Federal Government of Nigeria has collected N78.95 billion from the N50 levy imposed on electronic bank transfers within the first five months of 2024, according to a recent report by the National Bureau of Statistics (NBS). The data, detailed in the Federal Allocation Accounts Committee report, highlights substantial revenue gains attributed to the Electronic Money Transfer Levy (EMTL).

Introduced in the Finance Act 2020, the EMTL amends the Stamp Duty Act to capitalize on the increasing use of electronic funds transfers. The levy charges a one-off fee of N50 on electronic receipts or transfers of money in deposit money banks or financial institutions for transactions of N10,000 and above.

Revenue generated from the EMTL is distributed among the three tiers of government: the Federal Government receives 15%, state governments receive 50%, and local governments receive 35%. Analysis of the data shows the government collected N15.9 billion in January, N15.15 billion in February, N14.75 billion in March, N18 billion in April, and N15.14 billion in May.

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State governments received a total allocation of N31.84 billion from January to April. Breakdown of the allocation includes:

– Abia State: N797.79 million
– Adamawa: N729.16 million
– Akwa-Ibom: N796.81 million
– Anambra: N1.03 billion
– Bauchi: N818.98 million
– Bayelsa: N607.2 million
– Benue: N805.76 million
– Borno: N811.03 million

The 2023–2025 Medium Term Expenditure Framework and Fiscal Strategy Paper projects revenue from EMTL to reach N137.03 billion in 2023, N157.59 billion in 2024, and N189.11 billion in 2025.

The report also highlights the growing acceptance and stability of digital banking channels. In 2023, ten financial institutions reported a 37.54% increase in e-business income, totaling N438 billion, up from N318.64 billion the previous year. These revenues stem from mobile applications, USSD channels, ATMs, agency banking, internet banking, point-of-sale payments, and card transactions.

Lilian Phido, Head of Corporate Communications at the Nigeria Inter-Bank Settlement System (NIBSS), noted the increasing acceptance of digital payment channels, attributing their growth to the platforms’ stability. “It is very clear that more and more people are accepting the channels of payment that are available and the platforms are stable,” she stated.

Read Also: FG Imposes N400 Million Fine on Four Banks and Three Firms for Data Violations

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