Nigeria is set to make a total of N462bn as a source of stable revenue from electronic money transfer levy in 2021.
This is according to the World Bank in its latest report tagged ‘Resilience through Reforms’.
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, 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 derivation and distributed at 15 per cent to the Federal Government and Federal Capital Territory, and 85 per cent to the state governments.