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Nigeria to rake in N462bn through electronic money transfer levy

Joseph Oyekanmi

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Nigeria to rake in N462bn through electronic money transfer levy

Nigeria is set to make a total of N462bn as a source of stable revenue from the electronic money transfer levy in 2021, the World Bank latest report tagged ‘Resilience through Reforms’ has revealed.

The multilateral institution said the EMT levy was introduced in the Finance Act 2020, which amended the Stamp Duty Act and taps into the growth in electronic funds transfer in Nigeria, which can be administered at low cost.

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.

The revenue derived from the EMT levy is shared based on the derivation and distributed at 15 per cent to the Federal Government and Federal Capital Territory, and 85 per cent to the state governments.

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