Nigeria: Senate Probes CBN Over N20trn Unremitted Stamp Duties

11 December 2019

The Senate yesterday mandated its Committee on Finance to probe the Central Bank of Nigeria over alleged non-remittance of N20trn stamp duty revenue into federation account.

This followed the adoption of a motion by Senator Ayo Akinyelure who noted that the CBN had in January 2016 directed banks and financial institutions to charge stamp duty of N50 on lodgements into current accounts against the government's annual N2.5trn revenue projections.

He alleged: "The CBN and the Nigeria Inter-Bank Settlement System have technically refused to comply with the presidential directive for the recovery of over N20trn revenue into the coffers of government."

Download Daily Trust News App

See What Everyone is Watching

More From: Daily Trust

Don't Miss

AllAfrica publishes around 600 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.