The Senate has resolved to probe the Central Bank of Nigeria (CBN), and its subsidiary, the Nigeria Inter-Bank Settlement System (NIBSS) over an alleged failure to remit N20 Trillion revenue to the Federation Account.
The report gathered shows that CBN collected the said amount as stamp duties from banks and financial institutions in the country. In light of this, Senator Ayo Akinyelure, representing Ondo Central, moved the motion.
According to the Senator, “The Central Bank of Nigeria (CBN) and NIBBS has technically refused to comply with the presidential directives for the recovery of over N20 trillion revenue into the coffers of government.”
He added that the CBN and NIBSS deliberately failed to cooperate with the directives of the President for the realisation of the sum collected from stamp duties between 2013 and 2016.
Akinyelure added that “The Senate must consider whether the target N20 trillion funds are being recycled into private banks when the federal government had directed its recovery,” he said.
Senator Isah Jibrin, who also supported the motion, said, “The issue is a major problem with financial remittance. The issue is to unravel, who is benefiting from the non-compliance of this directive from the President of the Federal Republic of Nigeria.”
The president of the Senate, Ahmed Lawan, in his closing remarks said he engaged the Ministry of Finance, and the CBN in an interaction and “discovered that what we have been expecting to be available as stamp duty is not so.”
He said, “I was under the impression that we had over N20 trillion somewhere. It will interest you to know that we don’t even have N1 trillion. What has happened is because those that are supposed to collect the stamp duties were taking advantage of the non-electronic transaction.”
Therefore, the Senate resolved to Mandate the Committee on Finance to investigate this issue of over N20 trillion unremitted stamp duties revenue due to the Federal Government of Nigeria from banks and other financial institutions through the NIBSS.
Lawan concluded that it is for our Finance Committee to monitor closely what the collection should be.