FG to generate N484bn from e-payment channels
The Federal Government is set to make a total of N483.73bn in three years from electronic payment boom by way of the Electronic Money Transfer Levy. This projection was made by the Budget Office of the Federation and revealed in its 2023 – 2025 Medium Term Expenditure Framework and Fiscal Strategy Paper. The EMTL was introduced in the Finance Act 2020, which amended the Stamp Duty Act to tap into the growth of electronic funds transfer in the nation. It is a single, 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 and above. Revenue derived from the EMTL is shared among the three tiers of government. According to the budget office, which is under the Ministry of Finance, Budget and National Planning, the nation intends to make at least N137.03bn in 2023, N157.59bn in 2024, and N189.11bn from EMTL. The office further revealed that the government made N111.84bn from the levy in 2021.