It is no
longer news that the Central Bank of Nigeria had through a circular issued on
Jan 15, 2016 directed Deposit Money Banks to deduct 50 naira stamp duty on each
deposit on every deposit made into current accounts with a value of 1000 naira
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
accrued to the government from crude oil sale as result of fall in its price
and pipeline vandalism.
To
Nigerians, stamp duty means, paying 50 naira for an "unseen" stamp to
make bank deposits. Unfortunately, the federal government has directed banks as
from January 2017 to extend the 50 naira collections to the savings accounts.
What an extra burden!
Why was the
government taking loans and still making moves to obtain another $30bn 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 50
naira deducted from each deposit 1000 naira and above is transferred into the
account 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 as 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 burdens has been added. Nigerians
aren't happy with this kind of pseudo-diversification.
Imagine the
number of banks available in Nigerian as well as the number of transactions
made on daily basis. Consider the number of deposits made on-line even when
banks are shut. Unfortunately, we have not been told the targeted revenue from
the stamp duty collection for 2017.
Nigerians
are still doubting 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, CBN and 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.
*Contributed by Adeyemo Olajire Philip.@oneolajire
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