– Senate has made clarification on the alleged failure of the CBN to remit N20trillion stamp duties to the federation account
– Chairman, Senate committee on banking, insurance and other financial institutions, Senator Uba Sani, said his committee is investigating the matter
– The lawmaker, however, warned the public, especially the petitioners against making comments that could affect the process of the investigation
The chairman, Senate committee on banking, insurance and other financial institutions, Senator Uba Sani, has disclosed that his committee is investigating the alleged failure of the Central Bank of Nigeria (CBN) to remit stamp duties totaling over N20 trillion to the federation account. Naijapalaba.com reports that the senator, however, cautioned against inflammatory and potentially damaging comments on the issue.
He confirmed that his committee has received petitions on the allegation against the CBN, adding that for the past six months the committee has meticulously investigated the matter.
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Senator Uba Sani added that what the committee has uncovered so far was not what some petitioners wanted Nigerians to believe as he urged members of the public, especially critical stakeholders, not to be in a hurry to conclude that the CBN has actually erred.
The lawmaker, who represents Kaduna central in the Senate, said that since he and other members of the Senate committee on banking, insurance and other financial institutions were inaugurated, the issue of supposed non-remittance of stamp duty by the CBN has been on the front burner, stressing that the issue has been receiving requisite attention at the committee level.
Senator Uba Sani brainstorming with his colleague during plenary.
He further disclosed that beyond several depositions by the CBN, the Senate committee has obtained records of other agencies of the federal government investigating or familiar with the matter.
“It is much more complicated than what most Nigerians know. However, what I can say for now is that from what we have been able to sieve out from documents available to us as well as the depositions we have taken, it is clear that so many forces are confusing Nigerians on this issue.
“With the evidence contained in the plethora of documents the CBN has supplied to my committee, it can easily be deduced that the total stamp duty unremitted cannot be over N20 trillion as being alleged.
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For one, from records available to us, the total deposit in the Deposit Money Banks (DMBs) in Nigeria as of 2016 was only about N18 trillion; so how then can stamp duties alone be N21 trillion as being claimed by some petitioners?” Senator Uba Sani queried.
The senator further disclosed that from records available to his committee, stamp duty collection commenced in January 2016 when the CBN issued the circular directing DMBs to commence imposition of stamp duty collection.
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CBN and other agencies of the federal government have supplied to the Senate committee, it is glaring that the total number of transactions, including transactions excluded from stamp duty charge, from 2016 to November 2017 is about N518,043,467.