See how much Nigerian government made from bank customers' deposit, transfer

• The federal government has revealed it earned river N78 billion from Electronic Transfer Levies
• The amount was disclosed by the Federal Account Allocation Committee disclosed in a new report published by NBS
• Electronic Transfer Levies is a single and one-off charge of N50 on electronic receipt or transfer of money deposited in bank customer account

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Nigerian government earned N80.86 billion from the Electronic Transfer Levy in the first five months of 2024.

The information is contained in the Federal Allocation Accounts Committee report released by the National Bureau of Statistics.

Big boost for Nigerian government revenue Photo credit: Krisztian Bocsi
Source: Getty Images

The Electronic Transfer Levy was introduced as a source of additional revenue for the government in the 2020 Finance Act, amending the Stamp Duty Act to harness the growth of electronic funds transfer in the country.

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The EMT is a single and one-off charge of N50 on electronic receipt or transfer of money deposited in any money deposit bank, financial institution, or account in amounts of N10,000 and above.

The EMTL has remained a steady source of income for the federal, state, and local governments.

Revenue derived from the EMTL is allocated among the three tiers of government based on derivation, with the Federal Government receiving 15%, state governments receiving 50%, and local governments receiving 35%.

Breakdown of the revenue from ETLf

The report disclosed that the government received 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.

Additionally, a breakdown of the federal allocation revealed that states received N8.93 billion in January, N7.96 billion in February, N7.58 billion in March, and N7.38 billion in April from the bank transfer levy.

10 banks deposit over N150bn in taxes to government account

Earlier, Legit.ng reported ten commercial banks operating in the country have contributed over N155 billion in income tax payments to the coffers of the Federal Government of Nigeria for 2022.

The amount marks a significant increase of 33.50% from the N116.54 billion paid by the banks during the previous fiscal year, as reported by their financial statements submitted to the Nigerian exchange.

Source: Legit.ng