₦airaland Forum

The Federal Government of Nigeria has generated N103.7bn in revenue from the Electronic Money Transfer Levies in the first half of 2024.

According to data from the Central Bank of Nigeria’s statistical bulletin, this represents a 7.55 per cent increase compared to the N96.44bn collected during the same period in 2023 of last year.

This figure shows the growing use of digital payment platforms and a higher volume of electronic transactions as more Nigerians and businesses embrace digital banking solutions.

Electronic money transfer levy was introduced as a source of government revenue in the Finance Act 2020, which amended the Stamp Duty Act to tap into the growth of electronic funds transfer in Nigeria.

The EMT levy is a singular and one-off charge of N50 on electronic receipt or transfer of money deposited in any deposit money bank or financial institution on any type of account on sums of N10,000 or more.

In January 2024, the revenue from EMTL stood at N18.60bn, reflecting a 26.57 per cent decrease compared to N25.33bn in the same period of last year.

However, February 2024 showed a 20.21 per cent increase, with collections rising to N16.59bn from N13.80bn in February 2023.

March 2024 also experienced growth, recording N18.60bn, up by 53.41 per cent from N12.13bn in March 2023.

The revenue in April 2024 was N15.37bn, which was a marginal 1.85 per cent increase compared to N15.09bn collected in April 2023.

May 2024 saw a more substantial year-on-year increase, with earnings reaching N18.78bn, 24.24 per cent higher than the N15.12bn collected in May 2023.

Although June 2024 saw a slight dip compared to May, with N15.78bn collected, it still marked a 5.40 per cent increase from the N14.97bn recorded in the same period of last year.

The PUNCH had earlier reported that e-payment transactions in the country jumped by 86.44 per cent to N566.39tn in the first half of 2024 from N303.60tn in the same period of last year, according to data from the Nigeria Inter-Bank Settlement System.

The NIP, launched in 2011 by NIBSS, is an online real-time interbank payment platform that enables instant value transfers.

Banks have since made the NIP platform accessible to customers through various channels, such as internet banking, mobile apps, USSD, ATMs, POS, and bank branches.

The surge in e-payment transactions was linked to the increasing adoption of digital payment platforms by businesses and individuals, driven by convenience and efficiency in financial transactions.

Last year, electronic payment transactions in the country hit an all-time high, rising by 55 per cent to N600tn, compared to N387tn in 2022.

However, as telecom operators in Africa increasingly invest in the mobile money sector, they confront a major fraud crisis, prompting calls for improved security measures.

According to the Global System for Mobile Communications Association’s “State of the Industry Report on Mobile Money 2023”, mobile money fraud in Africa exceeded $1bn, raising concerns that security issues could impede the adoption of mobile money services

MadPolitician:
So where are all these monies going into? Where are the signature projects? Or is it Just the "rub my back, i rub your back" Lagos-Calabar Chagoury highway to kleptomania? They have borrowed trillions from the world bank and IMF, they have gained more remittance from the customs because of the hikes in import duties, they have increased bank charges, there is talk of the government hijacking funds left by dead people, they are getting their shares from charges on foreign remittance, there is ofcourse the pil and gas inflows running into trillions too.

Just ask look around you; is there anything happening that suggests to you that this government is revolutionising infrastructural upgrades in the country across board? Is it still not more money, more merriment for Abuja politicians and less positive impacts for poor Nigerians? Is it not obvious that the APC was formed by two wayward characters as a "special purpose vehicle" to loot Nigeria "turn by turn"? It's almost two years gone and by this time next year, campaign and politiking will be in full swing. So when is the "builders of Lagos" going to build Nigeria?

helinues:
If they said Nigeria loss so so amount on cash transfer exchanging, would you have written this bunkum?

Too much of bitterness about one's country progress can never make one to succeed in life

MadPolitician:
But where is the "progress"
That is the question you will struggle to answer. I want to see the progress.
The progress in transportation costs and efficiency.
The progress in cheap food and foodstuffs.
The progress in healthcare delivery.
The progress in quality education.
The progress in technological advancements.
The progress in inter tribal relations in the country.
Where is the progress in our democratic development and justice delivery??
Oga, dont run!
Show us the the almighty "progress" made by this government led by a bunch of moribund inepts

helinues:
You can never see the progress as your mindset is fixated a our this government

MadPolitician:
Show them to me so you can cure my "hate".
Point them out. It is almost two years. Next year they will start all the noise for the oppurtuinity to ruin another 4 years of our lives. What are the benefits of this evil government?
Educate the public, sir

helinues:
The hate in incurable as it's ingrained

MadPolitician:
Actually, it's the sycophancy that ingrained and well patented.

It takes a special case of servitude for a generational peasant to endlessly trumpet the non existing "achievements" of his tormentor

helinues:
Good

You will start seeing the wailers asking how would that out food on Nigerians table, yet this born wailers wouldn't mind to condemn If this news was other side

To be bitter in life, then remain to be stagnant

helinues:
Good

You will start seeing the wailers asking how would that out food on Nigerians table, yet this born wailers wouldn't mind to condemn If this news was other side

To be bitter in life, then remain to be stagnant

SoftBread01:
What exactly do they do with the taxes at the end of the day?