Headline

FG Earns N103.7bn From Cash Transfer Taxation

Published

1 year ago

October 12, 2024

The Federal Government of Nigeria has generated N103.7bn in revenue from the Electronic Money Transfer Levies in the first half of 2024.

According to data from the Central Bank of Nigeria’s statistical bulletin, this represents a 7.55 per cent increase compared to the N96.44bn collected during the same period in 2023 of last year.

This figure shows the growing use of digital payment platforms and a higher volume of electronic transactions as more Nigerians and businesses embrace digital banking solutions.

Electronic money transfer levy was introduced as a source of government revenue in the Finance Act 2020, which amended the Stamp Duty Act to tap into the growth of electronic funds transfer in Nigeria.

The EMT levy is a singular and one-off charge of N50 on electronic receipt or transfer of money deposited in any deposit money bank or financial institution on any type of account on sums of N10,000 or more.

In January 2024, the revenue from EMTL stood at N18.60bn, reflecting a 26.57 per cent decrease compared to N25.33bn in the same period of last year.

However, February 2024 showed a 20.21 per cent increase, with collections rising to N16.59bn from N13.80bn in February 2023.

March 2024 also experienced growth, recording N18.60bn, up by 53.41 per cent from N12.13bn in March 2023.

The revenue in April 2024 was N15.37bn, which was a marginal 1.85 per cent increase compared to N15.09bn collected in April 2023.

May 2024 saw a more substantial year-on-year increase, with earnings reaching N18.78bn, 24.24 per cent higher than the N15.12bn collected in May 2023.

Although June 2024 saw a slight dip compared to May, with N15.78bn collected, it still marked a 5.40 per cent increase from the N14.97bn recorded in the same period of last year.

The PUNCH had earlier reported that e-payment transactions in the country jumped by 86.44 per cent to N566.39tn in the first half of 2024 from N303.60tn in the same period of last year, according to data from the Nigeria Inter-Bank Settlement System.

The NIP, launched in 2011 by NIBSS, is an online real-time interbank payment platform that enables instant value transfers.

Banks have since made the NIP platform accessible to customers through various channels, such as internet banking, mobile apps, USSD, ATMs, POS, and bank branches.

The surge in e-payment transactions was linked to the increasing adoption of digital payment platforms by businesses and individuals, driven by convenience and efficiency in financial transactions.

Last year, electronic payment transactions in the country hit an all-time high, rising by 55 per cent to N600tn, compared to N387tn in 2022.

However, as telecom operators in Africa increasingly invest in the mobile money sector, they confront a major fraud crisis, prompting calls for improved security measures.

According to the Global System for Mobile Communications Association’s “State of the Industry Report on Mobile Money 2023”, mobile money fraud in Africa exceeded $1bn, raising concerns that security issues could impede the adoption of mobile money services.

PUNCH

Headline

TikTok Bans 49,512 Live Sessions In Nigeria As Creators Stream Sex Romps

Published

1 hour ago

November 22, 2025

Editor

For the first time, TikTok has shared data on its enforcement of Live Monetization guidelines, following a surge in users going live during sexual activity. The platform released the figures during its West Africa Safety Summit in Dakar, Senegal, held in partnership with AfricTivistes.

In the second quarter of 2025, TikTok took action, including warnings and demonetization, against 2,321,813 Live sessions and 1,040,356 Live creators for violating its Live Monetization guidelines.

In Nigeria alone, 49,512 Live sessions were banned during the same period.

The Summit brought together senior government officials, policy experts, NGOs, regulators, media representatives, and industry leaders from West African nations, including Nigeria, Senegal, Mali, Côte d’Ivoire, Burkina Faso, Chad, and Ethiopia.

Delegates discussed strategies to strengthen user protection and content moderation frameworks tailored to regional challenges.

The event marked a pivotal moment for TikTok’s regional safety efforts and its commitment to upholding global safety standards across Sub-Saharan Africa.

Experts shared insights, examined online safety challenges, and explored collaborative measures under TikTok’s #SaferTogether initiative.

TikTok’s Outreach and Partnerships Manager for Sub-Saharan Africa, Duduzile Mkhize, emphasized the platform’s commitment to enhancing user security through stakeholder collaboration.

She stated: “While global, we remain hyper-local in our day-to-day efforts. The dialogue at this Summit is invaluable because only through insights sharing and collaboration with policymakers and local partners across West Africa can we prevent a fragmented and insecure digital environment.

“United action can help us guarantee a safe space for our community to discover, create, and connect responsibly.”

A key partner in this effort is Nigeria’s Dr. Akinola Olojo, expert on preventing and countering violent extremism, and member of TikTok’s Sub-Saharan Africa Safety Advisory Council.

He said: “The convening of various stakeholders in Dakar, sharing insights for collaborative action, proves that the work we do alongside TikTok is not in vain.

“We must move beyond reactive measures and continue to build proactive systems that empower communities to resist radicalization and leverage online spaces for positive social impact.”

Globally, TikTok removed over 189 million videos in the same quarter, representing just 0.7% of all content uploaded. Of these, 163.9 million were flagged by AI-driven moderation systems.

Notably, 99.1% of removals were detected proactively, and 94.4% were taken down within 24 hours. The platform also removed 76,991,660 fake accounts, alongside 25,904,708 accounts suspected to belong to users under the age of 13.

In Nigeria, TikTok removed 3,780,426 videos between April and June 2025 for violating Community Guidelines. Impressively, 98.7% were removed before being viewed, and 91.9% were taken down within 24 hours.

The data, released in TikTok’s Quarter 2 2025 Community Guidelines Enforcement Report, underscores the platform’s ongoing commitment to creating a safe digital space for its users.

Headline

Nnamdi Kanu’s Case Proof Of Religious Persecution In Nigeria – US lawmaker, John James

Published

2 days ago

November 20, 2025

Editor

Former chairman of the Africa Subcommittee and now a member of the Energy and Commerce Committee, Representative, John James, has claimed that the case of Nnamdi Kanu, the leader of the Indigenous People of Biafra, IPOB, is proof of religious persecution in Nigeria.

James stated this when the United States House Subcommittee on Africa on Thursday, held a public hearing to review President Donald Trump’s recent redesignation of Nigeria as a Country of Particular Concern.

The hearing in Washington, DC included senior US State Department officials and Nigerian religious leaders.

James claimed that in the case of Nnamdi Kanu, Nigeria’s Court of Appeal had struck down the charges against him and ordered his release in 2022.

He said: “Religious persecution is tied to political repression and weakening institutions in Nigeria. The detention of Mazi Nnamdi Kanu is a clear example.

“In 2022, Nigeria’s Court of Appeals struck down the charges against him and ordered his release.

“The UN Working Group for Arbitrary Detention has also called for his unconditional release, yet he remains in solitary confinement in deteriorating health and recently had to represent himself in court.

“Nigeria has signaled that the law is optional and targeting Christians is fair game. Just hours ago this morning, despite the pleas and cries of Nigerian people and many Nigerian lawmakers, Kanu was convicted on all charges.”

Nnamdi Kanu was on Thursday, sentenced to life imprisonment over terrorism charges.

Headline

Nigerians Don’t Trust Their Govt – US Congressman Riley Moore

Published

2 days ago

November 20, 2025

Editor

US Congressman Riley Moore has said that Nigerian people do not trust their government.

Moore stated this on Thursday at US House of Representatives Subcommittee on Africa, which is investigating Trump’s redesignation of Nigeria as a ‘Country of Particular Concern’, CPC.

“The Nigerian people don’t trust their government. ‘How can you trust a government that doesn’t show up when you ask them to?

“The Nigerian government must work with the US in cooperation to address these insecurity issues.

“A case that just happened recently in Plateau state. We had a pastor there who warned the Nigerian government that they were under attack. There’s imminent attack forces here in the next 24 hours. Please come and help us.

“The Nigerian government did not only ignore it but put up a press release that it is fake news,” he said.

Moore would be meeting with a delegation of senior members of the Nigerian government, over the devastating insecurity in Nigeria and the US designation of the country as CPC, DAILY POST reports.