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."

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