Lagos State took more than half of Nigeria’s Electronic Money Transfer Levy (EMTL) collections in June 2025, raking in N17.7 billion, 58.5% of the total N30.3 billion pooled nationwide.
The figures, presented by the Federal Inland Revenue Service (FIRS) and confirmed by the Central Bank of Nigeria (CBN) at July’s Federation Account Allocation Committee (FAAC) meeting, underline Lagos’ unrivalled dominance in digital transaction flows.
The Electronic Money Transfer Levy, introduced under the Finance Act 2020 to replace stamp duty on electronic receipts, imposes a flat N50 charge on bank transfers of N10,000 and above. Proceeds are shared among the federal, state, and local governments based on transaction origin.
June’s collections were up 5.41% from May’s N28.8 billion, bringing the first-half total to N183.7 billion.
When combined with N37.3 billion from stamp duty, non-import levy receipts for January–June hit N221 billion.
After Lagos, the Federal Capital Territory ranked a distant second with N1 billion (3.32%), followed by Rivers (N892.5m), Anambra (N866.4m), and Delta (N796.6m). Jigawa (N91m), Gombe (N98.2m), and Zamfara (N104.7m) sat at the bottom of the table.
Analysts say Lagos’ dominance is no surprise, it is Nigeria’s commercial hub, home to the bulk of formal businesses, fintech operations, and payment gateways, making it the natural clearing point for most high-value electronic transfers.
June’s performance also showed that while Electronic Money Transfer Levy revenues remain steady, stamp duty is far more volatile. May’s stamp duty intake hit N11.9 billion, over 31% of the six-month total, before dropping sharply to N2.79 billion in June.
If current trends hold, EMTL alone could bring in an annualised revenue exceeding N360 billion, cementing its role as a key non-oil revenue source for the federation.
