This is a 107% increase from the N15 billion collected in November of the same year, reiterating the impact of the levy following its expansion to fintech platforms.

The levy, which has been in place since 2020, applies to all electronic transfers above N10,000, excluding transfers between personal accounts within the same bank. While initially applied to transactions within banks, the charge was extended to fintech platforms like OPay, PalmPay, and Moniepoint starting December 1, 2024. As a result, customers who previously enjoyed fee-free transfers are now charged N50 on eligible transactions.

With the decision to include fintech platforms in the EMTL collection, the government aims to increase non-oil revenue, and the December 2024 figures show that the initiative is paying off. 

Despite the levy’s extension, fintech companies like OPay have clarified that they do not benefit from the charge, as it is entirely directed to the Federal Government.

For the same period, a total of N1.424 trillion was distributed among Nigeria’s three tiers of government—Federal, State, and Local Governments—based on various revenue sources. 

This figure includes N386.1 billion from statutory revenue, N604.9 billion from Value Added Tax (VAT), N402.7 billion from exchange differences, and the aforementioned N31.2 billion from EMTL. While statutory revenue saw a decrease of over N600 billion from the previous month, VAT revenue increased by N20.6 billion.

The allocation from the EMTL revenue was shared among the levels of government with the Federal Government receiving N4.7 billion, States receiving N15.6 billion, and Local Governments receiving N10.9 billion. Again, 13% of the mineral revenue, totalling N113.5 billion, was shared among the states involved in oil production.

The breakdown of the overall distributable revenue for December 2024 shows that the Federal Government received N451.2 billion, while States and Local Governments were allocated N498.5 billion and N361.8 billion, respectively. 

However, the overall collection for the month also had deductions for various costs, including collection expenses and refunds.

The government is focusing on diversifying its revenue streams, particularly through digital channels though there have been issues about the impact on consumers, particularly those accustomed to free transactions. The government seeks fiscal sustainability and increased revenue from non-oil sectors.

The total amount shared at FAAC is a slight increase compared to N906.9 billion shared in the previous month.

According to the communique issued at the end of the Committee meeting on Friday, from the stated amount inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), and Exchange Difference, the Federal Government received N402.867 billion, the States received N351.697 billion, the Local Government Councils got N258.810 billion, while the Oil Producing States received N75.410 billion as Derivation, (13% of Mineral Revenue).

The meeting which was chaired by the Wale Edun, the minister of Finance and Co-ordinating Minister of the Economy, disbursed the sum of N60.960 billion as cost of collection, and N470.592 billion allocated for transfers intervention and refunds.

The gross revenue available from the Value Added Tax (VAT) for November 2023, was N360.455 billion, which was N13.112 billion increase from the N347.343 billion distributed in the preceding month.

From that amount, the sum of N14.418 billion was allocated for cost of collection and the sum of N10.381 billion given for transfers, intervention and refunds.

“The remaining sum of N335.656 billion was distributed to the three tiers of government of which the Federal Government got N50.348 billion, the States received N167.828 billion, Local Government Councils got N117.480 billion.

“Accordingly, the Gross Statutory Revenue of N882.561 billion received in the month was higher than the sum of N660.090 billion received in the previous month of October, 2023 by N222.470 billion.

From that amount, the sum of N46.044 billion was allocated for Cost of Collection and a total sum of N460.211 billion for Transfers, Intervention and Refunds.

The remaining balance of N376.306 billion was distributed as follows to the three tiers of government: Federal Government was allocated the sum of N174.908 billion, States got N88.716 billion, LGCs got N68.396 billion, and Oil Derivation (13% Mineral Revenue) got N44.286 billion.

“Also, the sum of N12.450 billion from Electronic Money Transfer Levy (EMTL) was distributed to the three (3) tiers of government as follows: the Federal Government received N1.793 billion, States got N5.976 billion, Local Government Councils received N4.183 billion, while N0.498 billion was allocated for Cost of Collection,” it stated.

The Communique disclosed that the exchange difference for the period was N364.869 billion.

Of this amount, the federal government received N175.817 billion, the states got N89.177 billion, the sum of N68.751 billion allocated to local government councils, and N31.124 billion given for derivation (13% of mineral revenue).

Also, the total revenue distributable for the current month of November 2023, was drawn from Statutory Revenue of N376.306 billion, Value Added Tax (VAT) of N335.656 billion, N11.952 billion from Electronic Money Transfer Levy (EMTL), and N364.869 billion from Exchange Difference, bringing the total distributable amount for the month to N1,088.783 trillion.

The balance in the Excess Crude Account (ECA) as at December 15, 2023 stands at $473,754.57.

In his remarks at the meeting Wale Edun, the Minister of Finance and Co-ordinating Minister of the Economy, said the Tinubu led administration was committed to achieve rapid and sustained economic growth in the country.

He added that the Gross Domestic Growth (GDP) per Capita in Nigeria was increasing and getting many people out of poverty.