Nigerians to Now Pay N50 to FG Each Time They Receive Deposits in their Bank Accounts

The Federal Government through the Central
Bank of Nigeria, has imposed stamp duty of N50
on bank customers for money received into
their accounts.
Consequently, bank customers will henceforth
pay N50 stamp duty for money received into
their accounts via electronic transfer, cash and
cheques.
This order was contained in a circular to all
Deposit Money Banks and Other Financial
institutions titled, Collection and Remittance of
statutory charges on receipts of Nigeria Postal
Service under the Stamp Duties Act”.
The CBN stated:
“As part of efforts to boost its revenue base,
the federal government of Nigeria is exploring
revenue opportunities in the non-oil sectors
especially taxes and rates. It is in recognition of
this fact that banks and other financial
institutions are enjoined to support
government’s revenue drive through compliance
with the provisions of the Stamp Duties Act, LFN
2004 as reinforced by the court judgement in
Suit No FHC/L/CS/1710/2013.
In this regard, the CBN pursuant to the
provisions of its enabling laws, hereby issues
this circular to all DMBs other financial
institutions:
With immediate effect, all DMBs and other
financial institutions shall commence the
charging of N50 per eligible transaction in
accordance with the provisions of the Stamp
Duties Act and Federal Government Financial
Regulations 2009, that is, all receipts given by
any bank or other financial institution in
acknowledgment of services rendered in respect
of electronic transfer and teller deposits from
N1, 000 and above;
“For all avoidance of doubt the following
receipts are however exempted from imposition
of stamp duties:
payments of deposits or transfer by self to
self whether inter or intra bank; and any form
of withdrawals/transfers from saving accounts;
It should be noted that these charges are
only payable by receiving accounts;
“Each DMB shall open an account designated
as NIPOST Stamp Duties Account into which all
charges collected shall be paid. The balances in
such accounts shall be transferred monthly by
the DMBs to CBN NIPOST Stamp Duty Collection
Account No. 3000047517;
“Other financial institutions shall remit their
Stamp Duty collections to any DMB of their