N133.89bn Paid in Transfer Levies: The Hidden Banking Cost
Nigeria bank customers paid a whopping N133.89 billion as electronic money transfer levy to the Federal Government between January and August this year.
This was made known in the 2025-207 Medium Term Expenditure Framework and Fiscal Strategy Paper, which highlighted government revenue for the said period. This revenue results from the N50 EMTL levy deducted by banks on behalf of the Federal Government from N10,000 and above.
The amount realized in just eight months is a representation of 76% of the government ‘s revenue project for 2024 that was estimated to be N175.11 billion in the year’s budget.
More targeted revenue for 2023 EMTL.
The government is targeting more revenue from the EMTL for the year 2025, as a collection of the levy has been expanded from commercil banks to cover transactions on all the fintech banks or platforms. eg opay monipoint etc.
According to the MTEF/FSP document, the government hopes to generate N228.85 billion from EMTL in 2025, representing a 31% increase over the 2024 revenue projection.
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