AminuRano87:
Passed into law since 2004 and 2009. Stop blaming Buhari for the Implementation in 2016

My point exactly.

Stanbic IBTC charges me N50 stamp duty left right and center on my savings account.

I receive money, they charge, I make payment they charge, I stop a payment, they charge.

I'm telling you from experience. Forget the modified lie by the Op. this is extortion

what exactly federal government are using the money for?

adipemcanis1:


Well...

Govt subsides health care, education, fuel, and builds roads, railways and a host of other things.And they are the largest employer in Nigeria.

Of course...they do it inefficently....but still....Nigerians rely on govt for a host of things.

What are they suppose to be doing with the tax and revenue generated if not all the aforementioned? Whose duty is it to provide health care, build road and create employment? Should we applaud them for doing their job?
Are you aware that more than half of Nigerians find it difficult to feed due to poverty?
What government is feeding who? Extorting 50 naira in the name of stamp duty from Nigerians to fund their extravagant life style.
The nation is indebted to the tune of $60 billion yet our leaders live larger than countries that have surplus.
If you are one of Government paid agent that sit to promote anti-people policy because of stipend paid to you. Repent for posterity sake

Usmandanladi1:
what exactly federal government are using the money for?

I've been asking the same question. This policy is anti people.

desertboom:

What are they suppose to be doing with the tax and revenue generated if not all the aforementioned? Whose duty is it to provide health care, build road and create employment? Should we applaud them for doing their job?
Are you aware that more than half of Nigerians find it difficult to feed due to poverty?
What government is feeding who? Extorting 50 naira in the name of stamp duty from Nigerians to fund their extravagant life style.
The nation is indebted to the tune of $60 billion yet our leaders live larger than countries that have surplus.
If you are one of Government paid agent that sit to promote anti-people policy because of stipend paid to you. Repent for posterity sake

Let me start by saying that we are not a rich nation....which is why any act of corruption must be punished severely.

Second....as I said elsewhere...in 2014 Nigeria had saved $30bn. Saudi Arabia had saved $724bn. That tells me that even with high oil prices...Nigeria is not a rich nation. Which leads me to state,candidly that Nigeria must leave oil...and go into industrial development...which raised countries like China up.

But right now...corruption or no, greedy politicans or no.....we still need to pay the bills. And oil....our only means of paying the bills....is at an all time low. So...we have to raise taxes. Sad...but true.

Which is why I really hope APC is serious about fighting corruption....not just in PDP ranks....but theirs too. And we Nigerians too need to be serious about it.

And by the way.....I found your calling me a corrupt Nigerian offensive. Sorry.....but that annoyed me. Don't do that again.

Trixxxy:

My mom?!!!
Correct Ijebu woman!!
I trust her!
Before she even gives me money gaan..... I have to first recount all the things I've done for her that year!

Lol.. Economy too no help. Won a pe fun wa.

olatpic:


5. Only Current accounts are eligible to be charged Stamp Duty on all receipts.

6. The following receipts are exempted from the imposition of Stamp Duty:

b. [b]Any Transfers into a Savings account.

Above is wrong info. Stamp Duty Charge is not limited to current account only, transfer into savings is also dutiable. But transfer from savings is exempted.

Kindly double check your info

Sha i get savings account, where did we go wrong in nigerian Can some 1 tell me why We surpose to enjoy change of regime & na regime of change der enjoy us.

Me wey Fidelity dey charge #50 for my salary acct(current account), wetin I go do nah

Usmandanladi1:
what exactly federal government are using the money for?

to implement so called CHANGE I guess...

Usmandanladi1:
what exactly federal government are using the money for?

judedwriter:
to implement so called CHANGE I guess...

desertboom:


I've been asking the same question. This policy is anti people.

Let me simplify it for you guys.

Nigeria needs oil to be at $123 per barrel to balance the books, and keep the treasury healthy.

But oil is at $32 per barrel.

That is $90 dollars not entering our accounts. (That is why corrupt politicians must pay for stealing our yams).

The only way to make up for lost revenue is 1: Take a loan 2: Raise IGR 3: Do both 4: Wait for oil prices to rise again. 5: Run austerity.

Which is why I think we must stop relying on oil.

And is buhari responsible?

mamawin:
yes now, am I responsible for d fall of oil price?

pls I need serious help, UBA is milking me dry, I've been slugging it out with their online customer care service for about 2weeks now, they are still telling me it's applicable to my account despite the fact that am operating a regular savings account.
My company paid my salary, uba commot #50, personal purpose deposit from 3rd party, UBA commot another, I don't know what to do o.
I have sent a mail to CBN through the official facebook page to please clarify if am affected or not, because when I told UBA that transfer/withdrawals from savings accounts are exempted, the customer care representative said, deposits into savings are not, only transfer/withdrawals from savings.
Everything just seems as though I no get ordinary credit pass for GNS on top sey na Banking and Finance sef I studied and currently an Accountant in the making. I need help ooo

I'm using savings account yet CBN still charged me N50 stamp duty

moscobabs:
j
thanks op for this .....the charge dies not effect we masses as though .

.Biz men will suffer it more. if I transfer into your current account expect to pay #50 o. me have only one current account with stanbic and na salary account my 3 other banks na saving so Im safe.. lol

but My own salary current account is being chrged nah by Fidelity Bank

Koolking:


Above is wrong info. Stamp Duty Charge is not limited to current account only, transfer into savings is also dutiable. But transfer from savings is exempted.

Kindly double check your info

pls check my post, some people are not charged while some of us dey pay like sey na only we get account.
Since it's only recipient/beneficiary that is to be charged, why CBN come dey make reference to savings account, I think it's unnecessary, banks are giving it different interpretations, and some of us are getting hurt.

adipemcanis1:


The issue is.....we are not earning money from oil.....so we have tolook for alterante sources of funding.

Modified.....I am really amused by some of the comments calling this extortion.Well.....here are some facts.

1.When the law was being processed in the National Assembly.....you Nigerians were busy with your videos of the latest scandal to pay attention.

2.Oil is our only source of revenue.The price has fallen. Meanwhile....you people want govt to continue feeding you....without paying. How can?

Nigerians want everything for free. Unfortunately the days of free oil money are over and we now have to take taxation seriously. The good thing is that now that we pay taxes, we will begin to demand and insist on accountability from those in government.

HerexG:
Chai! Owu don blow our government, sote dem don turn agbero wey dey collect 50naira

carboblanko:
Nigerians want everything for free. Unfortunately the days of free oil money are over and we now have to take taxation seriously. The good thing is that now that we pay taxes, we will begin to demand and insist on accountability from those in government.

That is what I expect....which is why APC is putting itself in the hot seat by charging taxes.

UBA deducted #50 three times and I'm operating a savings account.

Blame oil prices.

OlujobaSamuel:

pls check my post, some people are not charged while some of us dey pay like sey na only we get account.
Since it's only recipient/beneficiary that is to be charged, why CBN come dey make reference to savings account, I think it's unnecessary, banks are giving it different interpretations, and some of us are getting hurt.

Current and Saving on third party transfer/deposits are dutiable (except self transactions). I guess, banks have not done enough to sensitize their customer care representatives. Ask some of them the true position, their answers will confuse them more than you as a customer.

HerexG:
Chai! Owu don blow our government, sote dem don turn agbero wey dey collect 50naira

Very funny. Current account wahala.

Trixxxy:
I read this to mom c She said 'Mo yi ma lo shut down current account mi yenOshi!'

Mo si ma lo
Omo Yoruba tooto

Trixxxy:
I read this to mom c She said 'Mo yi ma lo shut down current account mi yenOshi!'

Mo si ma lo
Omo Yoruba tooto

You're welcome. Am glad it was educative.

kunzo:

Thanks for the info.

I was charged on my savings account and I was told by the customer care attendant that the circular passed to them by CBN involves savings account. So who is fooling who??

richard870:
You wrote all these poo just to promote your blog...shameless LINDA-IKEJI-WANNABE

You can't be serious. How many Linda's post addresses what affect the masses? Only celebrity news and scandals. And besides everything is well stated here. No need to go to his website if you don't wanna go.

Koolking:


Current and Saving on third party transfer/deposits are dutiable (except self transactions). I guess, banks have not done enough to sensitize their customer care representatives. Ask some of them the true position, their answers will confuse them more than you as a customer.

That's actually true.

adipemcanis1:


The issue is.....we are not earning money from oil.....so we have tolook for alterante sources of funding.

Modified.....I am really amused by some of the comments calling this extortion.Well.....here are some facts.

1.When the law was being processed in the National Assembly.....you Nigerians were busy with your videos of the latest scandal to pay attention.

2.Oil is our only source of revenue.The price has fallen. Meanwhile....you people want govt to continue feeding you....without paying. How can?

.

Does government feed any one in Nigeria?

Thanks, that was the intent and purpose
Of the post.

Benjom:
Thanks for the detailed explanation OP. Now, a layman can understand.