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FG generates N8.09trn from VAT, electronic money transfers in 11 months
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The federal government generated the sum of N8.09trn between January and November 2025, analysis of documents of the Federal Account Allocation Committee (FAAC) has shown.
A breakdown showed the government collected N7.69trn from Value Added Tax and N403.68bn from Electronic Money Transfer Levy (EMTL).
Analysis for VAT indicates that the government collected N771.86bn in January but reduced to N654.456bn in February and down to N637.61bn in March.
It increased slightly to N642.26bn in April then N742.82bn in May before experiencing another drop to N678.16bn in June. There was a notable increase to N687.9bn in July and further increase to N722.61bn in August.
September saw the continuous increase to N872.63bn before it further dropped to N719.82bn in October and N563.04bn in November.
For EMTL, January saw a collection of N21.40bn while in February it was N36.63bn and N26.01bn in March. April recorded the collection of N40.48bn while N28.82bn was collected in May.
In June it increased to N30bn and July witnessed further increase to N39.16bn but August’s collection dropped to N33.68bn.
September recorded the highest collection during the year with N53.83bn while there was a slight reduction in October to N49.86bn and N43.4bn was collected in November.
EMTL replaced with stamp duties from January 1
Meanwhile, the Electronic Money Transfer Levy (EMTL) has been replaced with Stamp Duties effective January 1, 2026.
This is in accordance with the Nigeria Tax Act (NTA) 2025, with N50 Stamp Duties charged on account when transfer of N10,000 or more to another beneficiary as mandated by the Federal Inland Revenue Service (FIRS).
A statement by PalmPay to its customers at the weekend said the sender will be charged Stamp Duties and not the receiver.
It read: “In accordance with the Nigeria Tax Act (NTA) 2025, the Electronic Money Transfer Levy (EMTL) has been renamed Stamp Duties effective January 1, 2026. N50 Stamp Duties will be charged on your account when you transfer N10,000 or more to another beneficiary as mandated by the Federal Inland Revenue Service (FIRS).
The sender will be charged Stamp Duties and not the receiver.
These Stamp Duty does not apply to transfers between your own PalmPay accounts where the names and BVN/NIN match.
Please note that PalmPay does not benefit from this stamp duty. It is remitted directly to the Federal Government. The Stamp Duty replaces the Electronic Money Transfer Levy (EMTL).”
Daily Trust reports that EMTL is a small but growing source of government revenue.
It generated N219.11bn in 2024, beating its N174.24bn projection.
That growth was driven largely by the extension of the levy to fintech platforms such as OPay, PalmPay, and Moniepoint.
Initially, EMTL applied only to deposit money banks. However, in December 2024, fintech transactions were also subjected to the same EMTL.
With the expanded stamp duty regime, the government is projecting N456.07bn in revenue in 2026, rising to N579.82bn in 2027 and N752.45bn in 2028.
The projections have been factored into the medium term expenditure framework (MTEF) for the 2026 budget making stamp duty a key pillar of fiscal certainty.
Also, under EMTL, revenue was shared between the federal government (15%), state governments (50%), and local governments (35%). Under the new tax law, the federal share drops to 10%, while states take 55%.
Replacing EMTL with stamp duty is part of a broader package of tax reforms set to take effect in January 2026. The new tax laws were enacted to improve tax collection and grow non-oil revenue.
The extra N50 people have to pay is insignificant in isolation, but multiplied across millions of daily transfers, it adds up to hundreds of billions for the government, and steadily erodes affordability for Nigerians who rely on digital payments to move money quickly and cheaply.
The EMTL was introduced under the Finance Act 2020 and it places a singular and one-off levy of N50 on the recipient of any electronic receipt or transfer of N10,000 or above.
Since its introduction, small business owners and point-of-sale (POS) operators and individual account holders have lamented the erosion of value of transfer made to them.
For instance, if N10,000 was transferred to a recipient with zero account balance for instance, the N10,000 reduces in value.
Many POS operators have particularly raised concern over the N50 levy which they said has led to reduction in their profit bottom-line.
Our correspondent however reports that some of the POS operators have devised several methods to hedge against it.
Daily Trust learnt that POS attendants charge N100 on transactions less than N5,000 and N200 on N10,000 while some of them had to review their charges to remain in business.
From EMTL to Stamp duty explained
Stamp duty is a tax on instruments (written or electronic documents). The Stamp Duties Act Cap. S8 LFN 2004 (“SDA” or the Act”) can be traced to the 1893 Stamp Duties and Stamp Duties Management Acts passed by the British Parliament.
It was enacted and came into force on 1 April 1939. specific amount regardless of the value of the transaction. The Finance Act 2019 (“the FA 2019”), particularly section 52, expanded the scope of the SDA to capture electronic transactions.
The FA 2019 (in section 54 which amended section 89 of the SDA) also expressly introduced stamp duties on bank deposits and transfers. This has been replaced by an Electronic Money Transfer Levy (‘EMTL”) now contained in a new section 89A of the SDA (amended by section 48 of the Finance Act, 2020 (‘the FA 2020”).
The Act, amongst other things, imposes stamp duties on written or electronic instruments (agreements, contracts, receipts etc.). Under the Act, stamp duties may be levied either at an ad valorem or flat rate depending on the type or nature of the instrument.
Chairman of the Presidential Committee on Tax Reform, Mr. Taiwo Oyedele had insisted that no new tax has been introduced in the new tax reform laws which would take effect on January 1, 2026.
According to him, the new government is on record to have repealed, reversed and suspended more taxes.
He listed the taxes that have been suspended to include 5% excise tax on airtime & data; Cybersecurity levy on money transfers; Carbon tax on single use plastics; Excise tax on imported vehicles; Import duties on food items, Agric and pharmaceuticals ; 4% import levy; FRCN charge on private companies and Expatriate employment levy.
In a recent presentation on the new tax laws, Oyedele expressed confidence that the new tax laws would stimulate growth without adding to inflation burden.
News
‘Vote for My Husband in 2027’ — Remi Tinubu Appeals to South-East Voters
Nigeria’s First Lady, Senator Oluremi Tinubu, has appealed to voters in the South-East to support President Bola Ahmed Tinubu’s bid for re-election in the 2027 presidential election.
The First Lady made the appeal in Owerri, Imo State, during an official visit to distribute empowerment items to women as part of the Federal Government’s efforts to promote women’s economic participation.
Addressing beneficiaries and residents, Oluremi Tinubu urged the people of the South-East to support her husband’s administration, promising that the government would continue working to improve the lives of Nigerians.
«“Make una vote for Mr President, we go work for una and Nigeria go better. I want to enjoy Nigeria at old age, so I will work for Nigeria, for my old age,” she said.»
The empowerment programme is being implemented through the Office of the Senior Special Assistant to the President on Sustainable Development Goals and is expected to reach 18,500 women across Nigeria.
Under the initiative, 500 women in each of the five South-East states are expected to receive business-support equipment, including generators, industrial grinding machines, gas cylinders and ovens.
In Imo State, Governor Hope Uzodimma expanded the programme by providing additional empowerment items for 2,000 women, bringing the total number of beneficiaries in the state to 2,500.
Following the governor’s intervention, the First Lady announced an additional ₦100,000 cash support for each beneficiary.
She said the initiative was consistent with President Tinubu’s economic development agenda, particularly efforts aimed at empowering women and promoting sustainable livelihoods.
“Recognising the typical role women play in nation building, this is in line with the agenda of Mr President, Bola Ahmed Tinubu, which prioritises economic growth and sustainable development for all Nigerians, particularly women,” she said.
Oluremi Tinubu urged the beneficiaries to invest the equipment and financial support wisely, stressing that the intervention was intended to help women expand their businesses, improve household income and build more secure futures for their families.
“Let it serve as a foundation for creating a better life for you and your family,” she added.
The appeal comes as political parties and major political figures begin positioning themselves ahead of the 2027 general elections, with the South-East expected to remain an important battleground in the presidential contest.
News
Court Grants 67-Year-Old UK-Based Nigerian Woman N150m Bail Over Alleged 13kg Cocaine Shipment
A Federal High Court sitting in Lagos has granted ₦150 million bail to 67-year-old UK-based Nigerian, Mrs Mary Yetunde Barek, who is standing trial over the alleged trafficking of 13 kilogrammes of cocaine to the United Kingdom.
Justice Friday Ogazi granted the defendant bail with two sureties in the same sum, subject to stringent conditions.
The court ordered that both sureties must reside within its jurisdiction and own landed property valued at not less than ₦150 million. They are also required to provide evidence of ownership of the properties and proof of tax payments for the past three years.
Barek, who ordinarily resides in the United Kingdom, was further directed to surrender her British international passport to the court and remain in Nigeria throughout the trial. She must also obtain the court’s permission before travelling outside the country.
The case stems from an alleged cocaine shipment intercepted at the Murtala Muhammed International Airport, Lagos, on June 28, 2026.
The National Drug Law Enforcement Agency (NDLEA) alleged that Barek was arrested during the outward clearance of passengers travelling on a Virgin Atlantic flight from Terminal 2 of the airport in Ikeja.
According to the prosecution, the 13kg consignment of cocaine was allegedly concealed and disguised as plantain in an attempt to facilitate its transportation to the UK.
The NDLEA further alleged that Barek transported the prohibited substance from her residence on Alhaji Azeez Ajanaku Street, Okota, Lagos, to the airport for onward export.
She was subsequently arraigned before the Federal High Court in August and pleaded not guilty to the charges.
The prosecution said the alleged offence contravened Section 11(b) of the National Drug Law Enforcement Agency Act, a provision dealing with unlawful dealing in and trafficking of controlled narcotic substances.
During the bail proceedings, the prosecution opposed the application, while Barek’s lawyer urged the court to consider her age and reported health condition in granting her temporary freedom pending trial.
After considering the arguments, Justice Ogazi granted bail but imposed strict conditions designed to ensure that the defendant remains available for trial.
The court specifically ordered that she must not leave Nigeria without its prior permission.
The allegations against Barek remain unproven, as she has pleaded not guilty and is presumed innocent until proven guilty by the court.
News
NCC Moves to Block Unapproved Phones From Nigerian Networks — What Users Must Know
The Nigerian Communications Commission (NCC) is moving to strengthen the identification of mobile phones and other SIM-enabled devices operating on Nigerian telecommunications networks, a development that could eventually see unapproved or illegally imported devices blocked from accessing local networks.
The initiative is aimed at establishing a central system for identifying and authenticating mobile devices in Nigeria, with the International Mobile Equipment Identity (IMEI) serving as a key identifier.
What does the NCC’s move mean for phone users?
In simple terms, the NCC wants to establish whether devices connected to Nigerian networks are genuine, properly approved and legally introduced into the Nigerian market.
Every mobile phone has a unique IMEI number — essentially a digital identity that distinguishes one device from another.
Under the proposed system, information linked to devices, including their IMEI numbers, can be used to identify, authenticate and manage phones and other SIM-enabled equipment operating on Nigerian networks.
Will your phone suddenly stop working?
Not necessarily.
The development does not mean that every existing phone in Nigeria will immediately be disconnected from mobile networks.
The initial focus is expected to involve manufacturers, importers, dealers and devices entering or already circulating in the Nigerian market.
However, as the device identification system becomes fully operational, phones that fail approval requirements or are found to have been illegally imported could potentially be restricted from accessing Nigerian mobile networks.
What about fairly used phones?
People who buy fairly used or imported phones will need to exercise greater caution.
A cheap price does not necessarily mean a good deal. A device with an invalid, altered or questionable IMEI, or one reported as stolen, could face connectivity problems if it is eventually identified and blocked.
Buyers are therefore advised to purchase devices from reputable sellers and check the phone’s identity and condition before completing a transaction.
Can the NCC access your WhatsApp messages and photos?
No.
The device identification system is designed to identify and authenticate mobile devices. It does not, by itself, give NCC officials access to a user’s WhatsApp conversations, photographs, videos, contacts or other personal content stored on the phone.
Could the system help fight phone theft?
Yes.
One potential benefit is improved identification and blocking of stolen devices.
Because an IMEI is tied to the device rather than the SIM card, changing the SIM in a stolen phone does not change its IMEI. If the device is reported and subsequently blocked, inserting another SIM card would not necessarily restore its access to Nigerian mobile networks.
What should phone buyers do now?
Consumers should:
– Buy phones from trusted and reputable dealers.
– Be cautious when purchasing unusually cheap imported devices.
– Check the device’s IMEI before buying.
– Avoid phones with signs of IMEI tampering.
– Keep purchase receipts and other proof of ownership where possible.
– Be particularly careful when buying fairly used phones from unknown sources.
Bottom line
The NCC’s device-management initiative is essentially about giving mobile devices a verifiable digital identity on Nigerian networks.
For ordinary phone users, there is no need for immediate panic. However, as the system develops, buying genuine, properly approved devices from reliable sources could become increasingly important.
The message is straightforward: know the phone you are buying, verify its identity and avoid questionable devices.
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