Lagos State received 58.5 per cent of all collections from the country’s non-import Electronic Money Transfer Levy (EMTL) revenue in June 2025, a presentation made by the Federal Inland Revenue Service (FIRS), confirmed by the Central Bank of Nigeria (CBN) at the July Federation Account Allocation Committee (FAAC) meeting has shown.
A THISDAY analysis of data from the meeting showed that total non-import EMTL collections for June stood at N30.3 billion, up N1.55 billion or 5.41 per cent from May’s N28.8 billion.
In all, in the first half of 2025, the records showed an aggregate of N183.7 collected through the EMT levy, which when paired with N37.3 billion from stamp duty, brought combined receipts for January to June to N221 billion.
The EMTL is a charge imposed in Nigeria on bank transfers of N10,000 and above, whether the transfer is between individuals, businesses, or both.
It is a flat N50 levy per qualifying transfer, introduced under the Finance Act 2020 to replace the earlier stamp duty charge on electronic receipts. The CBN and commercial banks collect it on behalf of the FIRS.
It’s a non-oil revenue source for the government, with proceeds shared among the three tiers of government (Federal, State, Local) via the Federation Account, using a derivation formula based on where the transaction originated.
The concentration of June collections in Lagos was striking, but not surprising, with the state alone accounting for N17.7 billion of the total monthly pool. The index figure attached to Lagos in the state breakdown underscored its overwhelming share and corroborated why it dominates revenue flows derived from digital transactions.
By contrast, the Federal Capital Territory (FCT) came a far second position, collecting about N1 billion or 3.32 per cent; Rivers got N892.5 million or 2.94 per cent; Anambra N866.41 million or 2.85 per cent and Delta N796.6 million, approximately 2.62 per cent.
No other single state reached more than a mid-single digit share of the national total.
The pattern is consistent with a larger economic geography. Lagos is Nigeria’s financial and commercial hub, hosts the bulk of formal business activity, payment gateways and fintech volumes, and serves as the clearing point for many digital transactions that are captured by the EMT mechanism.
Besides, the structural reality produces large monthly remittances for Lagos, but also creates policy and political dilemmas. THISDAY’s checks showed that June’s overall uptick in EMTL receipts was a modest but positive sign, with the month’s total close to the six-month average monthly intake of N30.622 billion.
Another noteworthy feature of the mid-year accounts was the behaviour of stamp duty. Stamp duty receipts for May were exceptionally large at N11.907 billion, representing nearly 31.9 per cent of the six-month stamp duty aggregate of N37.341 billion.
From a macro perspective, the January–June totals showed that the EMT levy is a substantial and steady source of revenue, roughly N183.7 billion in six months, or an annualised rate that would make it a significant contributor to non-oil receipts if sustained.
On the other hand, the stamp duty component, while much smaller in aggregate, could swing sharply month to month and therefore complicates short-term revenue forecasting.
A breakdown showed that in January, approximately N4.4 billion was collected for stamp duty, while 21.4 billion was received by the federation for the N50 levy to arrive at N28.88 billion for that month, while in February stamp duty was N8.3 billion and EMTL was N36.63 billion, to hit N44.95 billion for the month.
In the same vein, in March, stamp duty collected was about N4.38 billion and EMTL was roughly N26 billion to reach N30.39 billion. Besides, in April, stamp duty collection was N5.45 billion and electronic transfer levy was N40.48 billion, to reach about N45.94 billion.
Besides, in May stamp duty receivables was N11.9 billion and EMTL was N28.8 billion, totalling N40.72 billion, just as June’s stamp duty collection was N2.79 billion and electronic levy was put at N30.3 billion, to hit N33.1 billion.
For the month of June under consideration, the least collectors were: Jigawa with N91 million in June; Gombe with N98.2 million and Zamfara state, which collected N104.7 million.
Also, FIRS on Sunday, announced the commencement of an electronic invoicing solution (e-invoicing) aimed at revolutionising tax payment in the country.
The e-invoicing system, also known as the Merchant-Buyer Model, is aimed at making tax compliance easier, faster and more transparent for all categories of taxpayers.
This was disclosed by the Special Adviser on Media to the FIRS chairman, Mr. Dare Adekanmbi, in a statement. He said the e-invoicing solution went live on August 1, following a successful pilot phase which began in November 2024.
Under the initiative, large taxpayers – companies with annual turnover of N5 billion and more, are expected to be the first to be onboarded on the digital platform.
He pointed out that in less than two weeks of the initiative going live, no fewer than 1, 000 companies, representing 20 per cent of over 5, 000 eligible firms, had so far embraced the solution and commenced integration with the FIRS MBS platform.
The remaining large taxpayers are expected to onboard on or before November 1- the deadline for all the firms in the category to finalise their onboarding and integration processes.
The statement added, “MTN Nigeria became the first taxpayer to transmit live electronic invoices to the FIRS, officially ushering in the e-invoicing regime.
“Huawei Nigeria and IHS Nigeria have also concluded test transmissions and are set to go live in the coming days.
“In collaboration with the National Information Technology Development Agency (NITDA), Service Providers have been incorporated into the ecosystem to act as both System Integrators and Access Point Providers. These providers will facilitate the onboarding, integration, and invoice transmission processes for taxpayers.”
The service, however, commended all large taxpayers, tax consultants, and service providers for their cooperation and commitment to the success of the e-invoicing project.
The service stated, “We also acknowledge the genuine efforts of many taxpayers who strove to meet the 1st of August 2025 deadline but encountered operational constraints.
“In the spirit of encouraging voluntary compliance, the FIRS management has graciously approved a three-month extension of the deadline, with the new deadline now set for 1st November 2025.
“The FIRS e-Invoicing Implementation Team will continue to provide support through stakeholder engagements, including webinars, workshops, and town hall meetings, to ensure a seamless transition for all large taxpayers.”
The national e-invoicing solution is an electronic fiscal system (EFS) developed by FIRS to provide real-time visibility into commercial transactions and ensure the authenticity, accuracy, and completeness of invoices.
It is being rolled out in phases, beginning with large taxpayers and with those in the medium and emerging groups to follow.
The system aligns with global best practices and supports the federal government’s broader objectives of enhancing revenue assurance, reducing tax evasion, and modernising tax administration.
The initiative is also a critical tool in the implementation of the Nigeria Revenue Services Reform Act, which seeks to harmonise revenue reporting and establish a single source of truth for government revenues.
Emmanuel Addeh, James Emejo and Peter Uzoho
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