Stamp Duty: CBN says N378.7 billion collected in six years


The Central Bank of Nigeria (CBN) has said that the total revenue collected as stamp duty in the last six years is N378.7 billion. The CBN governor, Godwin Emefiele, made this disclosure at the end of the Monetary Policy Committee (MPC) meeting in Abuja.

Last year media reports quoted a member of the House of Representatives, Gudaji Kazaure as alleging that some government agencies misappropriated N89.09 trillion collected as Stamp Duty revenues. Mr Kazaure, who represents the Kazaure, Roni, Gwiwa, Yankwashi Constituency of Jigawa State, accused the government agencies of sabotaging the efforts of the Presidential Committee on the Reconciliation and Recovery of All Stamp Duties in the country.

In its response, the presidency in a statement by the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, described the claim as a figment of the imagination of Mr Kazaure, who claimed to be the secretary of the committee.

In debunking the claims made by the lawmaker, Mr Emefiele stated the “CBN will not join in heating the system. We wrote to banks to give us in their letter headed papers and sign it how much they have collected from stamp duty from 2016 to date.”

“Total assets of all banks are N71 trillion; total deposits in banks are N44.49 trillion. From 2016 till date, stamp duty collection has amounted to N378,686 billion.”