By Nchetachi Chukwuajah
The Federal Government generated N222.90 billion from Electronic Money Transfer Levy (EMTL) in the first six months of 2025.
The amount is 66.1 per cent more than the expected half-year figure of N134.17 billion, with the full-year revenue projection from EMTL put at N230 billion.
The over performance of the EMTL revenue helped the Federal Government to beat its revenue target by N88.73 billion by half-year 2025.
This is according to data contained in the Federal Government’s 2025–2027 Medium Term Expenditure Framework (MTEF) released by the Budget Office.
The 66.1 per cent outperformance of the EMTL revenue indicates the deepening penetration of digital financial services across the economy, with more Nigerians using mobile money, bank transfers, and other electronic payment channels.
Recall that a report from the Nigeria Inter-Bank Settlement System (NIBSS) showed that Nigerians spent N284.9 trillion electronically in the first quarter (Q1) of 2025.
The value recorded on the NIBSS Instant Payment (NIP) in Q1 2025 is 22 per cent higher than the N234.4 trillion transactions recorded in Q1 2024.
The EMTL performance helped boost the government’s non-oil revenue for the period and cushioned the effect of a weak oil revenue. The country earned N4.64 trillion in oil revenue between January and July, a 62.2 percent below the target of N12.25 trillion, resulting in a N7.62 trillion shortfall.
The revenue performance of the non-oil sector was mixed. Earnings from Corporate Income Tax stood at N5.86 trillion within the period, a marginal increase from the projected N5.44 trillion, and representing 7.6 per cent over performance.
Value-Added Tax (VAT) receipts surged by 10 per cent above half-year target, as N4.82 trillion was recorded within the period, and exceeded the half year target by N439.22 billion.
However, as of June 2025, net non-oil revenue including receipts from solid minerals, stood at N12.14 trillion, representing a shortfall of N1.81 trillion (13 per cent) against projections.
Oil and gas earnings were also abysmal during the period. Gross oil and gas revenue for 2025 was projected at N51.04 trillion. However, by July 2025, only N11.17 trillion had been realised against an initial target of N29.78 trillion, representing a 37.5 per cent performance rate.
The under-performance was attributed to weak crude production, price volatility, and limited refining margins.
