The Senate on Tuesday resolved to probe the Central Bank of Nigeria (CBN) and its subsidiary, the Nigeria Inter-Bank Settlement System (NIBSS) over an allegedly failure to remit N20 trillion revenue to the Federation Account.

CBN reportedly collected the amount as stamp duty from banks and financial institutions in the country.

The resolution follows a motion by Senator representing Ondo central, Ayo Akinyelure.

“The Central Bank of Nigeria and NIBBS have technically refused to comply with the presidential directives for the recovery of over N20 trillion revenue into the coffers of government,”

“The CBN and NIBSS deliberately failed to cooperate and comply with the directives of Mr President for the realisation of over N20 trillion revenue due from stamp duties collected for 2013 to 2016 and subsequently over N5 trillion minimum revenue due to be collected annually to the federation account to be shared among states of the federation for infrastructural and economic development.

“The Senate must consider whether the target N20 trillion fund is being recycled into private banks when federal government had directed its recovery,” he said.

The lawmakers expressed concerns that despite government decision to appoint a consultant to help it recovered the money; the CBN and NIBSS have technically refused to comply with the presidential directive for the recovery of the money into the Federation Account.

Senator Isah Jibrin in his contribution said, “I want to support this motion. The issue is a major problem with financial remittance. The issue is to unravel who is benefiting from the non-compliance of this directive from President of the Federal Republic of Nigeria.”

The Senate then resolved to Mandate the Committee on Finance to investigate this issue of over N20 trillion unremitted stamp duties revenue due to the Federal Government of Nigeria from banks and other financial institutions through (NIBSS) a subsidiary of CBN for 2013 – 2016 and financial accountability of stamp duty collections from 2016 when the CBN officially directed all banks to collect on behalf of the federal government to date.

In his concluding remarks, the President of the Senate, Ahmad Lawan, said, “I engaged the Ministry of Finance and CBN for an interaction, and I discovered that what we have been expecting to be available as stamp duty is not so.

“I was under the impression that we had over N20 trillion somewhere. It will interest you to know that we don’t even have N1 trillion. What has happened is because those that are supposed to collect the stamp duties were taking advantage of the non-electronic transaction.

“With the passage of the finance bill, this is an opportunity we have to start getting what ordinarily should go to the government.

“The banks and many private organizations have taken advantage of the way the stamp duties have been.

“I want to believe that from January 2020, when the Finance Bill will start being effective, the stamp duty collection will be significantly improved,” he said.

Lawan added that is for our Finance Committee to monitor closely what the collection should be.

“We would like to know in the first quarter how much they have collected, and if they have not met targets; if they have met targets, how do we do better than that? The idea is not to slow agencies to do whatever they want.”

https://www.channelstv.com/2019/12/11/senate-to-probe-cbn-nibss-over-n20trn-unremitted-stamp-duties/amp/#click=https:///5lVBLMXmMc

#20Trn stamp duty only and yet this government is talking about borrow $30B? Everyone in this govt have been inflicted with the lootocracy demon.

Racoon:
#20Trn stamp duty only and yet this government is talking about borrow $30B? Everyone in this govt have been inflicted with the lootocracy demon.

I just hope it won't end just here!



Lalasticlala, OAM4J

That are the agencies money dey silently apart from NNPC..

Pick my call oo Baba God

Other news

Wtf is a STAMP DUTY? What's it Value? How is it relevant?

APC Power


Nigeria is the capital of corruption.

N20 trillion unremitted stamp duties revenue due to the Federal Government of Nigeria from banks and other financial institutions through (NIBSS)

Wow over N20 trillions stolen just between 6yrs while 2020 budget is yet to be funded and yet govt stil looking for way to secure foreign loans...this country is fuckeed as hell

They should share this money among Nigerians
The suffering is too much or better still Nigeria should be sold

You see each time pay for stamp duty #50 gone same still money can't be seen.......

Too much money changes hand in this country

you see why no one wants them to borrow

How can Banks charge us band stamp duty and the money grew wings between banks and CBN till Federal Government had to pay a consultant to investigate where the money ended

Now this buffoon of a Senate President is telling us the money is gone and we should wait for a new bill to tackle further loss in 2020


..

nonsense

20 Trillion Oluwa o

And yet our Government will run to IMF to borrow money. More so, all those funds recovered from corrupt politicians, where are they? I think something is wrong with this country and our leaders. They always claim to recover billions, generate billions from the closed border etc and yet, a huge chunk of our budget is used to finance debt. God why, why Nigeria. Who do us this Kain tin.

I don't expect anything from this rubber stamp senate.

Hy

....And some integrity-deficient dude claims to be fighting corruption?

#govt of thieves,
by thieves,
for fooooools!

Integrity tins..... wen this government leaves fowl nyash go open

Probe CBN for unremitted Stamp Duty who was CBN supposed to remit to? Is there any other government bank we are not aware of. Or maybe CBN didn’t declare the N20T to govt. is there nobody monitoring this? No departments? I’m tired of this country.

Probe everything except Buhari

Chei.... GOD

The Senate is just an extension of the executive. Nothing will happen, except there is somebody they want to sack in those parastatals.


BTW
There is a Apple MacBook Air Intel core i5 for sale.
Price:210k with free delivery in Lagos
For more information, reach me on Whatsapp via https:///08125260125?text=I%20Am%20Interested%20in%20the%20macbook

almost $60B and we are having heart attack to borrow $22b!!!!

you mean the money is in this country??

Racoon:
#20Trn stamp duty only and yet this government is talking about borrow $30B? Everyone in this govt have been inflicted with the lootocracy demon.

Can you please read again? Then you can understand better. Thank you.

If things go as they are meant to in this country, we will developed in less than 10 years.

20 trillion revenue from stamp duty alone

God help us and give us leaders with integrity.

Madam Odude, oya please do justice to this. I know you as a woman of integrity.