Nigeria: CBN Collects N370bn as Stamp Duty in 6 Years -Emefiele

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Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN) says the total revenue collected as stamp duty in six years between 2016 and 2022 is N370,686 billion. Emefiele has been subject to ridicule over allegations of fraud and terrorism financing in recent times.

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

Emefiele, however, made his declaration of N370,686 billion on Tuesday in Abuja, after the Monetary Policy Committee meeting and stressed that the CBN was not withholding any N89 trillion.

“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 is in the CBN.

“The highest collection of the stamp is N71 billion, collected by First Bank,’’ Emefiele said. He added 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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