Since January 2024, Nigerian states have shared ₦82b in ETML, with the South-West receiving 23% (₦19b) of the total allocation

On December 1, 2024, fintech companies including OPay, PalmPay, and Moniepoint announced plans to begin implementing the Electronic Money Transfer Levy (EMTL), a ₦50 charge applied to electronic transfers of ₦10,000 and above. The announcement sparked widespread reactions from Nigerians who expressed concerns about the rising cost of living.

Since January 2024, however, Nigerian states (excluding FCT) have shared ₦82b in EMTL revenue. The South West received the highest allocation of ₦19b, while the South East received the lowest, at ₦11b.

Source:

Office of the Accountant-General of the Federation

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Period:

2024

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