Nigeria Government Collects N78.95bn from N50 Levy on Electronic Bank Transfers in Five Months

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The government has collected a total of N78.95 billion from the N50 levy on electronic bank transfers in the first five months of 2024, according to findings by Sunday PUNCH.

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An analysis of the Federal Allocation Accounts Committee report released by the National Bureau of Statistics showed that 36 state governments received a total allocation of N31.84 billion from January to April.

The Electronic Money Transfer Levy (EMTL) was introduced in the Finance Act 2020, which amended the Stamp Duty Act to capitalize on the growth of electronic funds transfers in the country. The levy is a one-off charge of N50 on electronic receipts or transfers of money deposited in any deposit money bank or financial institution on any type of account for sums of N10,000 and above.

Revenue derived from the EMTL is shared among the three tiers of government based on derivation.

Bisi Adele, The Naija247news
Bisi Adele, The Naija247newshttps://naija247news.com/
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