Only N370bn, not N89trn collected as stamp duty in six years — Emefiele

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The governor of the Central Bank of Nigeria, Mr. Godwin Emefiele has disclaimed that N89 trillion was collected as stamp duty between 2016 and 2022.

Stamp duty is the revenue collected from people who are conducting trade, as well as the cost of purchasing regular stamps.

Addressing stakeholders and the media yesterday in Abuja at the end of the 289th meeting of the monetary policy committee (MPC), Emefiele said the sum of N370.7 billion was realised during the period in review.

He wondered why anyone could inflate the figure noting that the total asset of the Nigerian banking industry is currently about N71.5 trillion with a total deposit of the banking system of about N44.498 trillion.

With that, Emefiele said it was, therefore, impossible for banks to have held N89 trillion in stamp duty, an amount twice as much as the total deposit in the banking system.

“The total assets of all banks is N71 trillion; total deposit in banks is N44 trillion”.

“From 2016 till date, stamp duty collection has amounted to N370.686 billion.

“The Federal Inland Revenue Service (FIRS) has disbursed N226.451 billion of the money to the federation account allocation committee, while the balance of N144.235 is in the CBN.

“The highest collection of the stamp is N71 billion, collected by First Bank,” he explained.

Emefiele added that the CBN had appointed four world-class audit firms to go into the books of banks to verify if there was any unremitted stamp duty.

“If there is any uncollected stamp duty, the banks will pay to the last kobo,’’ he added.

Recall that a member of the house of representatives, Mr. Gudaji Kazaure had in December 2022 alleged the mismanagement or embezzlement of stamp duty funds running into N89 trillion.

Kazaure alleged that the CBN, the office of the secretary to the government of the federation (OSGF), and the protocol department of the state house, conspired to prevent him from briefing President Muhammadu Buhari on the findings of his investigation concerning the funds.

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