Senate to probe CBN, NIBSS over N20trn unremitted stamp duties

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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.

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