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Reps to Probe N20 Trillion ‘Non-Remitted’ Stamp Duty
The House of Representatives has resolved to probe an alleged non-remittance of stamp duty revenue by deposit banks in the country.
The lawmakers paased the resolution after adopting a motion of urgent national importance brought before it by Goni Lawal (APC, Yobe).
The stamp duty is the tax placed on legal documents, usually in the transfer of assets or property.
The house resolution is coming months after an FOI request was sent in July on behalf of LeaksNG to the Central Bank of Nigeria (CBN), Office of the Secretary to the Government of the Federation (OSGF), Nigerian Postal Service (NIPOST), and the Nigeria Inter-Bank Settlement System (NIBSS) PLC.
The information requested were a report of stamp duty remittances by Deposit Money Banks and other financial institutions, the current status of the stamp duty central account domiciled in the CBN, stamp duty revenue remitted to the CBN by NIBSS between 2016 and 2017 and amount of revenue collected by NIPOST between 2010 and 2016.
The lawmakers accused banks and other federal agencies involved in the collection of the fund of “shortchanging the nation”.
Moving the motion, Mr Lawan urged his colleagues to investigate the matter after “efforts by both local and international civil society organizations to get details of the collections have failed.”
He said the Nigeria Postal Service (NIPOST) had in 2014 initiated the stamp duty collection scheme, after which the School Banking Honours (SBH) obtained authorisation of the Central Bank of Nigeria (CBN) to engage the banks and other collection agents.
“But public institutions, including the CBN, Nigeria Interbank Settlement System (NIBSS), NIPOST, among others, have over time failed to remit stamp duty taxes into the federation account running into trillions,” he said.
“While the deductible amount per bank account may seem small, it cumulatively adds up to money in trillions of naira, and must be subjected to the full condition of disclosure and transparency.”
The lawmaker added that such funds, if made available, could have been used for infrastructural development “or at least should have generated some interests in the private accounts where the fund is domiciled.”
Some lawmakers also raised concern over the issue which they said “is in disobedience to the treasury single account (TSA) policy”.
The Speaker Yakubu Dogara, while commenting on the issue said it is unacceptable for the banks to fail to remit the stamp duties to the CBN.
The speaker set up an ad hoc committee to investigate the whereabouts of the fund and report back in four weeks.
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The Burkina Faso junta has said it detained 11 Nigerian military officers and seized a cargo plane belonging to the Air Force following an emergency landing in the country after they crossed into Burkinabe airspace without authorisation.
The statement stated that the Sahel alliance, consisting Burkina Faso, Niger and Mail, headed by military regimes, noted that the transport airplane had two crew members and nine passengers onboard.
The statement said that the individuals were later identified as members of the Nigerian armed forces and are currently being detained in the country.
“The military aircraft had on board two (02) crew members and nine (09) passengers, all military personnel,” the statement noted.
Meanwhile, the regional body condemned the incursion, adding that the Burkinabe authorities had opened an investigation to determine the circumstances behind the incident.
The body also noted that three countries had placed their military forces on high alert and ready to engage external threats.
The AES said, “An investigation was immediately opened by the competent Burkinabe authorities and revealed the absence of authorization for the aircraft to fly over Burkinabe territory. The Confederation of the Sahel States strongly condemns this violation of its airspace and the sovereignty of its member states.
“Faced with this unfriendly act carried out in disregard of international law and international civil and/or military aviation regulations, measures have been taken to guarantee the security of the confederal airspace, the sovereignty and territorial integrity of its member states, as well as the safety of the populations of the AES Confederation.
“In this regard, and upon the instruction of the Heads of State, air defense and anti-aircraft systems of the confederal space have been placed on maximum alert, in accordance with the Declaration of the College of Heads of State dated 22 December 2024, and have been authorized to neutralize any aircraft that violates the confederal airspace.”
National Security Adviser, Nuhu Ribadu, hosted a delegation from the United States Congress in Abuja on Sunday, continuing security discussions between Nigeria and the US.
Ribadu, sharing the update on X, noted that the visit follows prior meetings in Washington, D.C., which focused on areas of mutual security interest and cooperation.
“This morning, I received a US Congressional delegation on a fact-finding mission to Nigeria, following our earlier engagements in Washington, DC, on shared security priorities,” he said.
“The delegation included Rep. @MarioDB Mario Díaz-Balart, Rep. @NormaJTorres Norma Torres, Rep. @RepFranklin Scott Franklin, Rep. @RepCiscomani Juan Ciscomani, and Rep. @RepRileyMoore Riley M. Moore.”
He also noted that US Ambassador to Nigeria, Richard Mills, attended the meeting, highlighting what Ribadu described as “the significance both countries place on this partnership.”
Ribadu said the discussions centred on counter-terrorism collaboration, promoting regional stability, and exploring ways to further strengthen the strategic security partnership between Nigeria and the United States.
“I’m optimistic this engagement will deepen trust, collaboration, and shared commitment to peace and security,” he said.
The meeting took place against the backdrop of heightened diplomatic tensions, following US President Donald Trump’s decision to re-designate Nigeria as a Country of Particular Concern over alleged religious freedom violations, a move that included warnings of potential US military involvement.
The Federal government has consistently rejected allegations of widespread persecution of Christians, emphasising that insecurity impacts citizens across all faiths.
Amid mounting international pressure, the government has continued to seek diplomatic and security assistance from global partners.
On November 20, Ribadu met with US Secretary of War Pete Hegseth at the Pentagon to discuss coordinated strategies aimed at addressing the ongoing security challenges.
On November 27, President Bola Tinubu approved the constitution of the Nigerian side of the US-Nigeria Joint Working Group as part of steps to deepen collaboration in tackling security challenges in the country.
The composition of the group was part of the agreement reached during the recent trip to Washington, DC, by a high-level Nigerian delegation led by the National Security Adviser.
The Presidency, on Sunday night, said acting on the two requests by the authorities of Benin Republic, President Bola Tinubu ordered Nigerian Air Force fighter jets to enter the country and take over the airspace to help dislodge the coup plotters from the National TV and a military camp where they had regrouped.
The Presidency, in a statement by Special Adviser to the President on Information and Strategy, Bayo Onanuga, said President Tinubu commended the swift response of the gallantry of Nigeria’s military.
The statement read: “President Bola Tinubu has commended the gallantry of Nigeria’s military on Sunday for responding swiftly to the request by the Government of Benin Republic to save its 35-year-old democracy from coup plotters who struck at dawn today.
“Acting on two separate requests from the Government of Benin, President Tinubu first ordered Nigerian Air Force fighter jets to enter the country and take over the airspace to help dislodge the coup plotters from the National TV and a military camp where they had regrouped.
“The Republic of Benin, through its Ministry of Foreign Affairs, in a Note Verbal, requested immediate Nigerian air support “in view of the urgency and seriousness of the situation and to safeguard the constitutional order, protect national institutions and ensure the security of the population.”
“In the second request, the authorities in Benin requested the deployment of Nigerian Air Force assets within Beninoise airspace for surveillance and rapid intervention operations under Benin-led coordination.
“The Benin government also requested Nigerian ground forces, “strictly for missions approved by the Beninese Command authority in support of the protection of constitutional institutions and the containment of armed Groups.”
“Nigeria’s Chief of Defence Staff, General Olufemi Oluyede, said all the requests have been fulfilled, with Nigerian ground forces now in Benin.
“Ours is to comply with the order of the Commander-in-Chief of our armed forces, President Tinubu,” he said.
He further stated: “Constitutional order was upended in the Republic of Benin, Nigeria’s neighbour, when some soldiers led by Colonel Pascal Tigri announced a coup on Sunday morning. The putschists seized the National TV and claimed they had toppled President Patrice Talon and suspended all democratic institutions.
“It took some hours before the government’s loyal forces, assisted by Nigeria, took control and flushed out the coup plotters from the National TV.
“In his remarks after the restoration of the democratic and constitutional order, President Tinubu saluted the Nigerian armed forces for standing firm as a protector and defender of democracy.
“Today, the Nigerian armed forces stood gallantly as a defender and protector of constitutional order in the Republic of Benin on the invitation of the government. Our armed forces acted within the ambit of the ECOWAS Protocol on Democracy and Good Governance.
“They have helped stabilise a neighbouring country and have made us proud of their commitment to sustaining our democratic values and ideals since 1999. Nigeria stands firmly with the government and people of the Republic of Benin.”
