FG’s electronic transfer levy revenue doubles to N360bn

The federal government received N360.29bn from electronic money transfer levies between January and October 2025, based on a Federal Inland Revenue Service document seen by The PUNCH on Friday.

The amount was more than double the N170.92bn generated in the same period of 2024, showing an increase of N189.36bn (110.8 per cent). The monthly figures showed that receipts were higher in every month of 2025 than in the corresponding month of 2024.

The percentage increases were significant across the entire period, pointing to a sustained rise in taxable transfer volumes. January 2025 recorded N21.40bn compared with N16.59bn in January 2024, a difference of N4.82bn (29 per cent).

February showed a much stronger movement. Collections more than doubled, rising from N15.79bn in 2024 to N36.64bn in 2025. March brought in N26.01bn against N15.37bn a year earlier. The increase of N10.64bn represented about 69.2 per cent growth.

In April, revenue climbed from N18.77bn in 2024 to N40.48bn in 2025. That N21.71bn rise translated to approximately 115.6 per cent. April was one of the first months where the increase more than doubled the previous year.

May continued the pattern. The N28.82bn collected in May 2025 exceeded the N15.78bn recorded in May 2024 by N13.04bn, representing an increase of about 82.7 per cent. In June, receipts rose from N16.35bn last year to N30.38bn this year. The N14.03bn difference was an 85.9 per cent increase.

The July figures almost doubled year-on-year. The N39.17bn collected in July 2025 compared with N19.60bn in July 2024. August followed the same direction. It rose from N15.64bn in 2024 to N33.68bn in 2025, a difference of N18.04bn, equal to a 115.3 per cent increase.

September recorded the single strongest jump. The revenue grew from N19.21bn last year to N53.84bn in 2025. The N34.63bn increase represented a rise of 180.2 per cent. October also stayed near that peak. It generated N49.87bn in 2025 compared with N17.82bn in 2024.

Although October was slightly lower than September, it remained one of the highest-earning months in the period. Proceeds from the levy are shared among the three tiers of government based on an approved revenue-sharing formula, providing a supplementary revenue source that has grown in importance amid Nigeria’s push for increased non-oil revenues.

Usually, the proceeds are shared among the three tiers of government, with 15 per cent to the Federal Government and 85 per cent to states and local governments.