Senate Probes Non-remittance of N20tn Stamp Duty

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Deji Elumoye and Chuks Okocha in Abuja

The Senate yesterday resolved to probe the Central Bank of Nigeria (CBN) over its alleged non-remittance of over N20 trillion collected by banks for stamp duty since 2016.

It has, therefore, directed its Committee on Finance headed by Senator Adeola Olamilekan, to investigate the reported non-remittance of over N20 trillion into the Federation Account by Central Bank of Nigeria, an amount collected as stamp duties from Banks and Financial Institutions in the country.

The decision to probe the non-remittance of stamp duties was sequel to the adoption of a motion entitled “The need to improve Internally Generated Revenue of the Federal Government of Nigeria through non-oil revenue”, moved by Senator Ayo Akinyelure.

According to him, the Central Bank had in January 2016, issued a circular directing all banks and financial institutions to charge stamp duty of N50 on lodgments into current accounts against revenue projections by the federal government of N2.5 trillion annually.

He noted that after the issuance of the said circular by the CBN, all banks and financial institutions effected N50 per eligible transaction in accordance with the provisions of the Stamp Duty Act 2004 and Federal government Financial Regulations 2009.

He emphasised that despite efforts by the federal government to recover over N20 trillion from Nigeria Inter-Bank Settlement Systems (NIBBS) to the Federation Account, “the Central Bank of Nigeria and NIBBS have technically refused to comply with the presidential directives for the recovery of over N20 trillion revenue into the coffers of government.”