Stamp duty revenue is N370bn, not N89trn as claimed by lawmaker – CBN Governor

Stamp duty revenue is N370bn, not N89trn as claimed by lawmaker – CBN Governor

By Kadiri Abdulrahman, Abuja.

 

The Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, says the total revenue collected as stamp duty in six years, between 2016 and 2022, is N370.686 billion.

 

A member of the House of Representatives, Rep. Muhammed Kazaure, representing Kazaure, Roni, Gwiwa, Yankwashi of Jigawa State, raised an alarm in 2022, alleging theft of stamp duty proceeds running into N89 trillion.

 

Emefiele, however, made the clarification and declared that the proceeds totalled N370.686 billion on Tuesday in Abuja, after the Monetary Policy Committee meeting.

 

He stressed that the CBN was not in possession of any N89 trillion, as alleged by the lawmaker.

 

“Total assets of all banks is N71 trillion; total deposit in banks is N44 trillion.

 

“From 2016 till date, stamp duty collection has amounted to N370.686 billion.

 

“The Federal Inland Revenue Service has disbursed N226.451 billion of the money to the Federation Account Allocation Committee, while the balance of N144.235 billion is in the CBN.

 

“The highest collection of the stamp duty is N71 billion, collected by First Bank,’’ he said.

 

Emefiele stressed that the CBN had appointed four world-class audit firms to go into the books of banks to verify if there was any unremitted stamp duty.

 

“If there is any uncollected stamp duty, the banks will pay to the last kobo,’’ he assured.

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