Nigeria is likely to make N462bn the electronic money transfer levy as a source of stable revenue in 2021, The World Bank has projected.
EMT levy is a singular charge of N50 on every transfer of money deposited in any financial institution on any type of account on sums of N10,000 or more.
The revenue derived from the EMT levy is shared based on derivation and distributed at 15 per cent to the Federal Government and Federal Capital Territory, and 85 per cent to the state governments.
The Chairman of the Foundation for Economic Research and Training, Akpan Ekpo, in a telephone interview with our correspondent, said the levy on users of formal financial services was worrisome.
Akpan said the EMT levy would discourage individuals outside the formal banking net.
A former President, Association of National Accountants of Nigeria, Dr Samuel Nzekwe thinks the World Bank’s projection might be surpassed by Nigeria.
He said with the increasing rate at which digital innovations were reshaping the economy, this was very likely.
Punch
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