The Federal Government expects the N50 stamp duty on bank customers to bring in N66.1 billion in revenues this year.
This was disclosed by the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, during the Monetary Policy Meeting yesterday in Abuja, stating that the government is exploring opportunities to boost the revenue base of the country in the era of falling oil prices.
The 2016, 2017, 2018 Medium Term Expenditure Framework and Fiscal Strategy Paper as captured in the 2016 Budget under the non-oil revenue section, shows that the Federal Government projects to make N66.1billion from stamp duty alone.
Revenue from the non-oil section is also expected to grow to N71.8 billion in 2017 and to N78.5 billion in 2018.
“The numbers are there in the budget about what we expect to generate from stamp duties in 2016.
“We will try as much as possible, working with the banks to ensure that all transactions are captured in a way that ensures that for transactions above N1,000 and above, each of those transactions get debited for N50.
“We have not dimensioned it yet; I believe in due course, Nigerians will begin to know what this will translate into.
“But we believe that it will help the efforts of the government in improving its revenue.’’Emefiele said.
Following the introduction of the N50 stamp duty, the Central Bank of Nigeria (CBN), had made further clarifications on the N50 stamp duty policy on bank customers for money received into their accounts, stating that payments of salaries and wages as well as payments and deposits for self-to-self transactions whether inter or intra bank are exempted from the new policy.
The Nation originally reported this story