FG generates N360bn from electronic transfer levy in 10 months

The Federal Government has generated N360.29bn from electronic money transfer levies between January and October 2025.

This is according to a Federal Inland Revenue Service document reported by The PUNCH on Friday.

The amount represents more than double the N170.92bn collected during the same period in 2024, indicating an increase of N189.36bn (110.8 per cent).

Monthly data showed that receipts were higher in every month of 2025 compared with the corresponding months in 2024. The percentage increases were consistently significant, reflecting a sustained rise in taxable electronic transfer volumes.

In January 2025, collections stood at N21.40bn, up from N16.59bn in January 2024 an increase of N4.82bn (29 per cent).

February saw a much sharper rise: revenues more than doubled from N15.79bn in 2024 to N36.64bn in 2025.

March generated N26.01bn compared with N15.37bn a year earlier, an increase of N10.64bn, or about 69.2 per cent.

In April, revenue climbed from N18.77bn in 2024 to N40.48bn in 2025. The N21.71bn jump represented approximately 115.6 per cent growth and marked one of the first months where collections more than doubled year-on-year.

The upward trend continued in May, with N28.82bn recorded in 2025 compared with N15.78bn in 2024—a rise of N13.04bn (82.7 per cent). June followed the same trajectory: receipts increased from N16.35bn in 2024 to N30.38bn in 2025, a difference of N14.03bn (85.9 per cent).

July’s figures nearly doubled year-on-year, with N39.17bn collected in 2025 compared with N19.60bn in 2024.

August also posted strong growth, rising from N15.64bn in 2024 to N33.68bn in 2025—an increase of N18.04bn (115.3 per cent).

September recorded the single largest jump during the period. Revenue surged from N19.21bn in 2024 to N53.84bn in 2025, a rise of N34.63bn (180.2 per cent).

October remained near that peak, with N49.87bn generated in 2025 compared with N17.82bn in 2024. Although slightly lower than September, October remained one of the top-earning months in the 10-month period.

Proceeds from the levy are shared among the three tiers of government according to an approved revenue-sharing formula, providing an increasingly important supplementary revenue stream amid Nigeria’s drive to grow non-oil income.

Typically, 15 per cent of the proceeds go to the Federal Government, while the remaining 85 per cent is allocated to states and local governments.