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Governors set up committee to investigate ‘unremitted’ N20trn stamp duty

Governors set up committee to investigate ‘unremitted’ N20trn stamp duty
April 26
17:48 2018
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The Nigerian Governors Forum (NGF) has set up a three-man committee to investigate the alleged N20 trillion unremitted stamp duty funds to the federation account.

The committee, which is chaired by Ibikunle Amosun, Ogun state governor, has Emmanuel Udom and Abubakar Bello, governors of Akwa Ibom and Niger as members.

Abdulaziz Yari, the chairman of the NGF and Zamfara state governor, who disclosed the development said the committee has one week to submit its report.

“Members received a briefing from the consortium of consultants pursuing the stamp duties revenue owed to states, they gave a brief on the current situation and actions that should be taken moving forward,” he said.

“The members agreed to set up a three-man committee to look into the matter raised and were given a week to submit their report.”

On January 15, 2016, the Central Bank of Nigeria (CBN) had issued circular directing banks to deduct N50 stamp duty on every N1,000 deposit made into current accounts.

In 2017, the senate alleged that N20 trillion due to be paid into the federation account from stamp duty charges on bank transactions was withheld between 2015 and 2017.

The senate said projections for stamp duty in 2015, 2016 and 2017 revenue frameworks of the nation’s annual budget were put at N8.713 billion, N66.138 billion and N16.96 billion.

He also said members received a briefing from the minister for trade and investment on the status report on the opportunities at the subnational level in terms of business climate reforms as a reference resource for SMEs and the general business community.

He added that the governors committed to reviewing the African Continental trade agreement and revert to the ministry for further action.

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