Shell Nigeria Yudala
N50 Stamp Duty: PMB, how much was collected in 2016?

By Olajire Philip on 08/01/2017

Share on facebook Yahoo mail icon Gmail icon

Views: 460


It is no longer news that the Central Bank of Nigeria (CBN) had through a circular issued on Jan 15, 2016 directed Deposit Money Banks to deduct N50 Stamp Duty on each deposit on each deposit made into current accounts with a value of N1,000.00 and above, in order to boost government's revenue drive in compliance with the Stamp Duty Act of 2004.

It would be proper for Nigerians to know how much was realised from the stamp duty contributed in 2016. This stamp duty was introduced due to the drop in revenue accruing to the government from crude oil sale, as result of the fall in its price, and pipeline vandalism.

To Nigerians, Stamp Duty means, paying N50 for an ‘unseen’ stamp to make bank deposits. Unfortunately, the Federal Government has directed banks as from January 2017 to extend the N50 collections to the savings accounts. What an extra burden!

Why was the government taking loans and still making moves to obtain another $30 billion loan? Why has the finance minister put Nigerians in the dark as touching the trillions on naira made from the stamp duty collections? How much revenue is expected to accrue this year when it has now been extended to the savings account? These questions and more are begging for answers.

This N50 deducted from each deposit N1,000 and above is transferred into the accounts of NIPOST. Some people abandoned their current accounts and moved to the savings account last year because of the deduction. But now, the deduction is now inevitable.

For over a month, there has been reduction in oil pipeline vandalism and this has increased the revenue of the government. I believe the Federal Government must consolidate the peaceful atmosphere obtained in the pipeline sector and make it a permanent one.

The PMB administration has been shouting diversification of the economy, while Nigerians are crying of hardship already, yet another burden has been added. Nigerians aren’t happy with this kind of pseudo-diversification.

Imagine the number of banks available in Nigeria, as well as the number of transactions made on a daily basis. Consider the number of deposits made online, even when banks were shut. Unfortunately, we have not been told the targeted revenue from the Stamp Duty collection for 2017.

Nigerians are wondering if transparency and accountability are still the watchwords of the PMB administration. The change and anti-corruption mantra that brought the PMB administration on board will be nothing to write home about, if nothing meaningful is done now.

The Ministry of Finance and concerned agencies, such as NIPOST and CBN should as a matter of urgency, release the figures of the money accrued to government coffers for 2016 as well as the target for 2017. Nigerians need to know.

Olajire-Philip can be reached via oneolajire2000@yahoo.co.uk>

 @oneolajire

Source News Express

Posted 08/01/2017 06:13:47 AM

 

Share on facebook Yahoo mail icon Gmail icon


 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

 

You may also like...
NLNG sets aside N60 billion for Bonny’s first...

Civilising the Nigerian military, By Chido Onumah

NAHCo secures licence to operate in Port Harcourt...

Protests rock Osun over 8 months unpaid pension...

Police impounds truck with over 100,000 live cartridges...

Port Harcourt Refinery pledges cordial relationship with host...

Biafra youth leader arrested in Cameroon

Boko Haram attacks military base, Yobe community

Breaking News: Ruthless Biafra War General, Brig. Benjamin...

Declaration of Niger Delta Republic rescheduled

Cause of plane crash not yet determined -...

WHY FG PARDONED ALAMS, OTHERS —Okupe clears the...

 

Latest News Learning the art of predictions as tool for business (Part 1) Sex scandal rocks IBB University Yawning gaps in Buhari’s uninterrogated leadership, By Simon Imobo-Tswam Governor weeps during prayer for Buhari Pericoma: When an ancestor travels Naira continues recovery as CBN disburses $221.37m forex Adoration Ministry founder calls for Amnesty for Nnamdi Kanu •Says Buhari’s anti-corruption programme is lopsided 3 arraigned for kidnap, murder of senior DSS officer Nokia goes back to the future with 49 euro phone Nigeria hosts Africa as Association of Africa Maritime Administrations meet in Abuja Amina Mohammed assumes duty at UN Tuesday 1,520 couples tie the knot at Kano mass wedding

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (230,047 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (209,135 views) Shameless Genevieve Nnaji exposes breasts in public (173,985 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (160,654 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (147,369 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (130,949 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (114,596 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (114,584 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (101,992 views) Lagos plane crash: Journalist releases victims’ names (97,707 views) APC cries foul as PDP’s Fayose takes early lead in Ekiti governorship election (92,599 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (81,843 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (27) Business (2,468) Business Verdict (14) Columnists (635) Complaints & Requests (81) Enterprise & Opportunities (139) Entertainment (288) Features (390) Global Business Monitor (138) International (1,275) Interviews (113) Live Commentary (28) Love Matters (42) News (21,824) Opinion (649) Pidgin (8) Politics (3,584) Religion (481) Sports (1,233) Stock Watch (12) AMA & Al Jazeera Global Update

 

 

CBN Advert

 

Tuface Idibia Cancels February 6 Planned National Protest

 

APO Newsbreak logo

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!