Nigerians paid N13.8bn as Electronic money transfer levy in February 2023 as 3 tier of govts shared N1.03trn—NBS

National Bureau of Statistics has said that Nigerian paid a tax of N13.80 billion from Electronic Money Transfer Levy (EMTL) in February 2023. This fact is contained in NBS’s Federation Account Allocation Committee FAAC, February 2023 Disbursement report. According to the report “The Federation Account Allocation Committee (FAAC) disbursed the sum of N1.03 trillion to the three tiers of government in February 2023 from the total revenue generated in January 2023 National Bureau of Statistics has said. 

“The amount disbursed comprised N653.70 billion from the Statutory Account, N115.00 billion from Non-Oil Excess Account for the month, N13.80 billion from Electronic Money Transfer Levy (EMTL) and N250.01billion from Valued Added Tax (VAT). The Federal Government received a total of N285.24 billion from the N1.03 trillion, States and Local Governments received a total of N248.98 billion and N183.23 billion respectively. The sum of N32.73 billion was shared among the oil producing states from the 13% derivation fund. 

“The Revenue generating agencies comprising Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS), and Department of Petroleum Resources (DPR) received N10.54 billion, N18.14 billion, and N5.37 billion respectively as cost of revenue collections. Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that a total net amount of N175.67 billion was disbursed to the FGN consolidated revenue account; N4.71 billion was received as a share of derivation and ecology; N2.36 billion as stabilisation fund; N7.92 billion for the development of natural resources; and N6.61 billion to the Federal Capital Territory (FCT) Abuja.