Monday, October 6, 2025
  • Who’sWho Africa AWARDS
  • About TimeAfrica Magazine
  • Contact Us
Time Africa Magazine
  • Home
  • Magazine
  • WHO’SWHO AWARDS
  • News
  • World News
    • US
    • UAE
    • Europe
    • UK
    • Israel-Hamas
    • Russia-Ukraine
  • Politics
  • Crime
  • Lifestyle
  • Sports
  • Column
  • Interviews
  • Special Report
No Result
View All Result
Time Africa Magazine
  • Home
  • Magazine
  • WHO’SWHO AWARDS
  • News
  • World News
    • US
    • UAE
    • Europe
    • UK
    • Israel-Hamas
    • Russia-Ukraine
  • Politics
  • Crime
  • Lifestyle
  • Sports
  • Column
  • Interviews
  • Special Report
No Result
View All Result
Time Africa Magazine
No Result
View All Result
  • Home
  • WHO’SWHO AWARDS
  • News
  • Magazine
  • World News

Home » Featured » FG begins implementation of Electronic Transfer Levy, debits millions of Nigerians accouns

FG begins implementation of Electronic Transfer Levy, debits millions of Nigerians accouns

January 9, 2023
in Featured, News
0
547
SHARES
4.6k
VIEWS
Share on FacebookShare on Twitter

The Nigerian government have begun the implementation of the Electronic Transfer Levy which was recently signed by the Minister of Finance, Budget and National Planning, Zainab Ahmed.

Ahmed signed the regulation pursuant to Section 89A(3) of the Stamp Duties Act Cap. S8, Laws of the Federation of Nigeria, 2004 as amended by the Finance Act of 2021.

The regulation provides guidance for the imposition, administration, collection and remittance of the Electronic Money Transfer Levy contained in the 2020 Finance Act

According to reports, the regulations provide for a single and one-off levy of N50 on the recipient of any electronic transaction on N10,000 or above.

For any equivalent of receipts carried out in other currencies, the levy will be charged at the exchange rates determined by the Central Bank of Nigeria (CBN).

ReadAlso

Why the Renewed Certificate Forgery Allegation Against Uche Nnaji Is Nothing But Desperate Cheap Propaganda

A Minister of Lies?: Uche Nnaji’s Certificate Scandal and the Collapse of Credibility in Nigerian Governance

The regulation appoints the Federal Inland Revenue Service (FIRS) as the administrator of the Levy with the responsibility to check, collect and give an account of the levy.

It also mandates receiving banks to collect and remit to the FIRS within 24 hours or the next working day. The receiving bank is required to deduct the levy across the account in the event that the customer does have a bank account with the bank.

ADVERTISEMENT

Many Nigerians raised alarm when they saw that their accounts were debited with various sums.

The debit took them unaware as there has been no mention of the levy in any media reports.

According to them, the levy is against the cashless policy of the CBN and will encourage cash transactions. KPMG, the audit and tax advisory company commended the Minister of Finance for the implementation of the Levy.

Tags: Budget and National PlanningElectronic Transfer LevyMinister of FinanceNigeriaZainab Ahmed.
ADVERTISEMENT
Previous Post

INTERVIEW – Nigerian American Oyewale Owolewa: ‘How I was elected to represent the District of Columbia’

Next Post

An interview with Delta State branch Chairman of TUC, discussing State’s Pension and use of LGs retirees as pons by politicians

You MayAlso Like

President Joe Biden and First Lady Jill Biden pose for photo line photos with delegation heads of the U.S.-Africa Leader Summit, Wednesday, December 14, 2022, in the Diplomatic Reception Room of the White House. (Official White House Photo by Adam Schultz)
Column

Paul Biya, Coup Risks Lurking in Cameroon

October 6, 2025
News

Kingdom in Crisis: Ogwashi-Uku Rejects Obi’s Land Grab, Villages Ready to Declare Autonomy

October 5, 2025
News

AfDB Approves $22.8 Million Grant to Boost Mozambique’s Rice Production

October 5, 2025
News

Smarter Mobility Africa 2025: Shaping the Future of Transport through Technology 

October 5, 2025
News

Gabon Seeks Fresh Investment to Unlock Untapped Oil & Gas

October 5, 2025
News

African Employers Welcome a Fresh Start with the African Development Bank

October 5, 2025
Next Post

An interview with Delta State branch Chairman of TUC, discussing State’s Pension and use of LGs retirees as pons by politicians

First African-produced cancer tests to slash costs and waiting times

Discussion about this post

Kingdom in Crisis: Ogwashi-Uku Rejects Obi’s Land Grab, Villages Ready to Declare Autonomy

Faked or Factual: UNN Contradictory Claims on Minister Uche Nnaji Certificate Raise Questions of Credibility

Woman appointed Archbishop of Canterbury 

Certificate Scandal: University of Nigeria Declares Minister Uche Nnaji Never Graduated

A Minister of Lies?: Uche Nnaji’s Certificate Scandal and the Collapse of Credibility in Nigerian Governance

FIFA Strips South Africa of World Cup Qualifying Points After Administrative Blunder

  • British government apologizes to Peter Obi, as hired impostors, master manipulators on rampage abroad

    1242 shares
    Share 497 Tweet 311
  • Maids trafficked and sold to wealthy Saudis on black market

    1067 shares
    Share 427 Tweet 267
  • Flight Attendant Sees Late Husband On Plane

    973 shares
    Share 389 Tweet 243
  • ‘Céline Dion Dead 2023’: Singer killed By Internet Death Hoax

    904 shares
    Share 361 Tweet 226
  • Crisis echoes, fears grow in Amechi Awkunanaw in Enugu State

    735 shares
    Share 294 Tweet 184
  • Trending
  • Comments
  • Latest

British government apologizes to Peter Obi, as hired impostors, master manipulators on rampage abroad

April 13, 2023

Maids trafficked and sold to wealthy Saudis on black market

December 27, 2022
Flight Attendant Sees Late Husband On Plane

Flight Attendant Sees Late Husband On Plane

September 22, 2023
‘Céline Dion Dead 2023’: Singer killed By Internet Death Hoax

‘Céline Dion Dead 2023’: Singer killed By Internet Death Hoax

March 21, 2023
Chief Mrs Ebelechukwu, wife of Willie Obiano, former governor of Anambra state

NIGERIA: No, wife of Biafran warlord, Bianca Ojukwu lied – Ebele Obiano:

0

SOUTH AFRICA: TO LEAVE OR NOT TO LEAVE?

0
kelechi iheanacho

TOP SCORER: IHEANACHA

0
Goodluck Ebele Jonathan

WHAT CAN’TBE TAKEN AWAY FROM JONATHAN

0

Why the Renewed Certificate Forgery Allegation Against Uche Nnaji Is Nothing But Desperate Cheap Propaganda

October 6, 2025

A Minister of Lies?: Uche Nnaji’s Certificate Scandal and the Collapse of Credibility in Nigerian Governance

October 6, 2025
President Joe Biden and First Lady Jill Biden pose for photo line photos with delegation heads of the U.S.-Africa Leader Summit, Wednesday, December 14, 2022, in the Diplomatic Reception Room of the White House. (Official White House Photo by Adam Schultz)

Paul Biya, Coup Risks Lurking in Cameroon

October 6, 2025

Kingdom in Crisis: Ogwashi-Uku Rejects Obi’s Land Grab, Villages Ready to Declare Autonomy

October 5, 2025

ABOUT US

Time Africa Magazine

TIMEAFRICA MAGAZINE is an African Magazine with a culture of excellence; a magazine without peer. Nearly a third of its readers hold advanced degrees and include novelists, … READ MORE >>

SECTIONS

  • Aviation
  • Column
  • Crime
  • Europe
  • Featured
  • Gallery
  • Health
  • Interviews
  • Israel-Hamas
  • Lifestyle
  • Magazine
  • Middle-East
  • News
  • Politics
  • Press Release
  • Russia-Ukraine
  • Science
  • Special Report
  • Sports
  • TV/Radio
  • UAE
  • UK
  • US
  • World News

Useful Links

  • AllAfrica
  • Channel Africa
  • El Khabar
  • The Guardian
  • Cairo Live
  • Le Republicain
  • Magazine: 9771144975608
  • Subscribe to TIMEAFRICA MAGAZINE biweekly news magazine

    Enjoy handpicked stories from around African continent,
    delivered anywhere in the world

    Subscribe

    • About TimeAfrica Magazine
    • Privacy Policy
    • Contact Us
    • WHO’SWHO AWARDS

    © 2025 TimeAfrica Magazine - All Right Reserved. TimeAfrica Magazine Ltd is published by Times Associates, registered Nigeria. Use of this site constitutes acceptance of our Terms of Service.

    No Result
    View All Result
    • WHO’SWHO AWARDS
    • Politics
    • Column
    • Interviews
    • Gallery
    • Lifestyle
    • Special Report
    • Sports
    • TV/Radio
    • Aviation
    • Health
    • Science
    • World News

    © 2025 TimeAfrica Magazine - All Right Reserved. TimeAfrica Magazine Ltd is published by Times Associates, registered Nigeria. Use of this site constitutes acceptance of our Terms of Service.

    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.