FG Earns N103.7bn from Cash Transfer Taxation in First Half of 2024

The Federal Government of Nigeria has generated a significant amount of revenue from the Electronic Money Transfer Levies in the first half of 2024. According to recent reports, the government earned N103.7 billion from this taxation scheme during the period.

This revenue is a result of the government’s efforts to tap into the growing use of electronic money transfers, which have become increasingly popular in the country. The Electronic Money Transfer Levy is a tax imposed on certain types of electronic transactions, and it has proven to be a lucrative source of income for the government.

The collection of this tax is part of the government’s broader strategy to diversify its revenue streams and reduce dependence on oil revenues. This move is seen as a positive step towards enhancing the country’s fiscal stability and supporting various developmental projects.

The revenue generated from this tax will likely be allocated towards various sectors, including infrastructure development, healthcare, education, and other critical areas that require government funding. This could have a positive impact on the overall economic and social development of the country.