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January 30, 2023

Only N370bn, not N89trn collected as stamp duty in six years – Emefiele

Central Bank of Nigeria Governor, Godwin Emefiele, says the total revenue collected as stamp duty between 2016 and 2022 is N370.7 billion.

Last month, a member of the House of Representatives on Mismanagement or Embezzlement of Stamp Duty funds, Gudaji Kazaure, raised the alarm over attempts by government officials to “cover-up” stamp duty proceeds running into N89 trillion.

Kazaure had alleged that the CBN, the Office of the Secretary to the Government of the Federation and the Protocol Department of the State House, conspired to prevent him from briefing President Muhammadu Buhari on the findings of his investigation concerning the funds.

But the Presidency dismissed the allegations and described them as “false”.

Emefiele, while speaking on the issue during the Monetary Policy Committee meeting on Tuesday, said the CBN was not withholding any N89 trillion.

He said the clarification became necessary because Nigerians need to know the true position of things and not falsehoods.

He said the “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.”

The apex bank’s boss added that the CBN had appointed four world-class audit firms to examine 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,’’ Emefiele said.

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