The Federal Government of Nigeria has projected to generate N136.3 billion as revenue from Electronic Money Transfers (ETM) to be paid by bank customers in 2023. This is based on a projected 2.7 billion volume of eligible online transfers in the year.
The Budget Office of the Federation, which disclosed this in its 2023-2025 Medium Term Expenditure Framework and Fiscal Strategy paper released on Friday, said the recently approved Regulations governing the administration of the Electronic Money Transfer Levy (EMTL) is expected to boost collections of the revenue.
The government said it would also ensure proper monitoring of banks and other financial institutions to conduct reconciliation and to ensure deduction and remittance of the levy.
