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Reps begin probe into N20trn alleged missing fund, point fingers at CBN, NIPOST others

- The House of Representative has resolved to probe the alleged non payment of stamp duty monies into the federation account by deposit banks

- The investigation into the alleged fraud came up after an agency uncovered that some financial institutions are hiding details of the revenue which is estimated at N20 trillion

- The House has therefore set up an ad committee to see to the investigation and ensure that the nation is not cheated

The House of Representatives has decided to launch an investigation into the alleged non-remittance of stamp duty money by banks in the country.

The lower chamber accused the financial institutions and other federal agencies that are involved in the collection of the revenue of cheating the nation, The Cable reports.

READ ALSO: 4 more states declare readiness to pay new minimum wage

The development happens after a media house reported that the agencies are not making public the details of the revenue of stamp duty in the country which is estimated at N20 trillion.

The motion to probe the matter was sponsored by a member of the House from Yobe state, Bukar Lawan, during plenary session on Thursday, April 25.

He said: “Efforts by both local and international civil society organizations to get details of the collections have failed.

“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.

“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.”

Members of the lower chamber are very much concerned that these agencies have also not remitted the funds to the federation account.

According to the lawmaker, institutions reportedly guilty of the crime are the Central Bank of Nigeria (CBN) and the Nigerian Postal Service (NPS).

The motion for the investigation was also supported by some lawmakers like Tajudeen Yusuf (Kogi state) and Peter Akpatason (Edo state).

After the motion to probe the alleged fraud was moved, the House immediately set up an ad hoc committee to carry out the investigation.

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Meanwhile, Legit.ng earlier reported that the House on Wednesday, April 25, rejected a motion urging the Federal Capital Territory Administration (FCTA) to change the name “Apo Legislators Quarters” to reflect current realities.

Segun Adekola (PDP-Ekiti) who moved the motion explained that the motion was borne out of compassion for new legislators who passed through difficult experiences because they could not get befitting accommodation.

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Source: Legit.ng



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