18 results
- 7 Jan 2021
FG Slams N50 Levy on Electronic Money Transfer of up to N10,000
The Finance Act 2020 recently signed into law by President Muhammadu Buhari, imposes N50 levy on electronic transfer of money deposited in any bank or financial institution on any account on sums of…
- 26 Dec 2025
Banks quietly move to enforce new ₦50 transfer levy from Jan. 1
A new ₦50 charge on electronic money transfers above ₦10,000 is to take effect from Jan. 1, 2026, following preliminary system adjustments observed across several banking platforms ahead of the New…
- 2 Dec 2024
FG Begins N50 Electronic Levy Deductions from Moniepoint, Other Digital Banks
Federal government has commenced N50 electronic levy deductions from transactions of N10,000 and above made by users of financial technology (Fintech) companies, including Opay, Moniepoint, Kuda, and…
- 18 Dec 2023
FIRS Directs Banks to Deduct EMTL on Foreign Currency Transactions
Federal Inland Revenue Service (FIRS) has directed deposit money banks to deduct and remit Electronic Money Transfer Levy (EMTL) on foreign currency (FCY) transactions going forward. The levy is in…
- 11 Aug 2022
FG Targets N484Bn from Stamp Duty Charges, Others
Federal government is set to make a total of N483.73bn in three years from electronic payment boom by way of the Electronic Money Transfer Levy, according to projection made by the Budget Office of…
- 24 Apr 2025
Fintechs Add $18m to New Tax Initiative
The Nigerian federal government announced that the Electronic Money Transfer Levy (EMTL) generated $49.5 million in revenue, with fintech companies contributing $18 million. This fund, as reported by…
- 7 May 2024
Nigeria May Re-introduce Telecom Tax to Obtain new $750m World Bank Loan
Nigeria may reinstate a previously suspended telecom tax and other fiscal measures as it seeks to secure a new $750 million loan from the World Bank, as per Nairametrics report. This is according to…
- 9 May 2024
Imposition Of 0.5 % Cybersecuruty Levy Is Anti people, Says CNF
The Cloud Network Foundation ( CNF) has called on the federal government to immediately rescind the decision on the implementation of the 0.5 per cent tax on cybersecurity. In statement released…
- 31 Dec 2025
Banks to Impose N50 Stamp Duty on Transfers of N10,000 and Above from January 1
Commercial banks in Nigeria will begin charging a N50 stamp duty on electronic transfers of N10,000 and above starting January 1, 2026, in line with the newly enacted Tax Act. CBN The Electronic…
- 17 Nov 2025
FG Lists Bank Charges Nigerians Will Stop Paying from January 2026
Nigerians won’t have to worry about the payment of five common bank charges again, as from January 2026, when the new tax laws come into effect. This was made known by Taiwo Oyedele, chairman of the…
- 9 Aug 2026
What Has Nigeria Truly Gained from N160Trn FAAC Allocations
By Blaise Udunze Could it be said that Nigeria’s true identity today represents a country suffering and grappling with soaring inflation, mass unemployment, failing public infrastructure and…
- 7 Sept 2025
Customers Wax Worriedly over Multiple Bank Charges, Urge BCAN, CBN to Intervene
Nigerian bank customers have continued to express frustration over what they describe as unauthorised and excessive debits from their accounts, calling on the Bank Customers Association of Nigeria…
- 18 Aug 2026
Nigeria May Have Escaped Fiscal Cliff; Now Build an Economy Worth the Sacrifice
Three years after the removal of the fuel subsidy and the adjustment of the foreign-exchange regime, Nigeria’s revenue and external positions have improved significantly. After escaping the fiscal cliff as touted, but with the United States questioning the country’s fiscal transparency, the harder question is whether these gains can be translated into an economy worthy of the sacrifice Nigerians have endured.
- 21 Jun 2024
$750m World Bank Loan: FG May Reintroduce Telcoms, Gambling Taxes
Federal government may reintroduce the controversial telecom tax and other fiscal measures to fulfill one of the conditions for The World Bank’s fresh $750 million loan to Nigeria. Experts have…
- 13 May 2024
FG to Receive $2.25Bn Fresh Loan From World Bank on June 13
Federal government will receive fresh loan funding from the World Bank, with approval expected for loans totalling $2.25billion on June 13, 2024. Recall that Wale Edun, minister of Finance, at…
- 6 May 2024
CBN Orders Banks to Charge 0.5 Percent Cybersecurity Levy
Central Bank of Nigeria (CBN) has ordered banks operating in the country to start charging a cybersecurity levy on transactions. A circular from the apex bank on Monday disclosed that the…
- 5 Aug 2018
NECA Asks FG to Stop Stamp Duty Deductions by Banks
Nigeria Employers’ Consultative Association (NECA) has again called on the Federal Government to compel commercial banks to discontinue the deduction of N50 as stamp duties from the accounts of…
- 19 Oct 2021
FG Plans Aggressive VAT, Other Tax Regime
Amidst on-going controversy over its rights to collection of Value Added Tax, VAT, across the country, the Federal Government is set to implement an aggressive VAT revenue drive which it expects to…