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RMAFC To Probe 22 Deposit Banks Over Non-Remittance Of Stamp Duty Revenue

RMAFC

The Revenue Mobilisation Allocation and Fiscal commission (RMAFC), through a statement issued on Sunday in Abuja, has said that it is ready with its set plans to probe about 22 commercial banks nationwide over non-remittance of stamp duty: about ₦100 billion.

According to the statement issued by the commission’s spokesperson, Mr Ibrahim Mohammed, the RMAFC is the only constitutional body entrusted with the powers to monitor all revenue accumulations into the federation account. He cited that the probe would involve forensic investigations into the total revenue collected between year 2000 to 2018 by the 22 commercial banks.

It was reported that a total sum of ₦33 billion, which falls below shareholders’ expectations, has been realized by the commission from the collection of stamp duties for the period in review. This is through the deductions of ₦50 from every deposit value of ₦1,000 and above by the banks since the January of 2000. The commission hinted that at the end of the investigation exercise, the sum of over ₦100 billion will be recovered.

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RMAFC appeals to NIPOST and other Stakeholders

The RMAFC said that the commission could generate an annual revenue of ₦500 billion if NIPOST, who is the operator of the Stamp Duty act, is repositioned appropriately with the right legal and regulatory framework coupled with the introduction of technology. 

The body therefore appeal to the Federal Government and the National assembly to initiate actions for the amendment of the NIPOST Act which will go a long way in helping it to expand the economy and also generate more revenue into the federation account.

 It also solicits for the backing of stakeholders particularly the Department of Petroleum Resources, the Federal Inland Revenue Services and the Central Bank of Nigeria to enable it succeed in the exercise.

Nigerian are expectant to see the banks involved and how the whole investigation goes. This is soft spot for Nigerians as the bank deductions from bank accounts is getting alarming.

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