NewStats: 3,263,923 , 8,181,899 topics. Date: Sunday, 08 June 2025 at 07:10 PM 48e5t

With due respect, how many times do you make transfers from one of your s to another in a month, and how many times do you make payments to different s in the same time interval?? This policy will simply kill the cashless economy, especially for the lower and middle class

DropShot:
OP, you goofed big time. The Stamp Act has been in existence since 2004 but not enforced.

FG's revenue has seriously declined and the govt is right to enforce all "enforceables" at this critical time.

Also, the CBN for the collection is the "collector" for such charges from where it will go into TSA.

Again, the charge is for receiving from a 3rd party. Not even from your in one bank to your other in another bank.

Patriotic citizens will not attempt to fault this step.

henryhemon:


I always say people should have indept knowledge before coming out with baseless arguements. Now they said it's to improvish the poor and middle class,how many times do they poor carry out bank activities? Obviously the rich will pay more,we have a sincere and ionate government who wants to turn things around ,only those who don't understand or chose to be bias.

Do I hear you say this policy will only affect the rich? Let me put some engine oil to your thinking mechanism. Monthly I send stipends to relatives and friends from my small earnings. Will they be happy that N50 is being deducted from the small money being sent to them?

2n2k:
[b]@ OP, your post reek of ignorance and deceit.

You claimed that stamp duty is illegal in banking transactions. Have you read stamp duties act at all? Study the picture of the cheques below in case you don't operate current and tell us what does 'stamp duty paid' written in circle round the coat of arm on the cheques mean.
What just happened since around early 90s was that banks stopped collecting/remitting stamp duty in contravention of the laws with impunity.

You should get a copy of any version of Stamp duties Act as amended or re-enacted since 1900 to date to read and purge yourself of ignorance.

On your deceitful claim of having read the whole budget document without seeing revenue from stamp duties in it. Really? Currently in Nigeria, there are very few registrable legal commercial documents that do not require assessment and collection of stamp duties by the Commissioner of Stamp Duties - be it, share capital registration, bonds and debentures, deeds of assignment, power of attorney, deeds of mortgage, power of istration etc. so where are the revenue from these captured? Office of the Commissioner of Stamp Duties was created even before Nigeria was amalgamated. (See a 1908 official document picture below).

For your education, the next step to be implemented (it is in the stamp duties law already) is that all commercial receipts must bear at least N50 postage stamp. So if your buy a phone from Okey shop at ikeja along, he must affixed the stamp on the receipt and sign across it. So get ready to carry your ignorant fight to the United Nations.[/b]

Why is a none existent NIPOST charging stamp duties?

When the start charging stamp duties for reciepts will they be posting it to the customer's home?

What is the purpose of paying stamp duties to a dysfunctional government institution?

So, you see nothing wrong in paying for services not rendered?

henryhemon:
We Nigerians criticize everything,we want our economy to grow,good services but never ask how are we to contribute towards nation building beyond typing on NL. We want a good life for free?we pay the lowest TAX in west Africa, everything we want for free or subsidised and expect to be relevant who then will build the nation for you. In developed nations revenues are raised basically through taxation but Nigerians think they are smarter we and up deceiving ourselves. This is our own way of contributing to nation building but for cheap popularity those APC haters will criticize anything. I ask them how have you contributed to nation building?

Do not put the cart before the horse!

Why will Nigerians be made to pay when senators want 5 billion naira to buy new cars?

Our own president, put a restriction on foreign transactions to deter it but yet is will to spend billions on BMW when we have locally manufactured innoson cars in Nigeria.

Even though you are pro APC, think for one second unless truly most of you are paid to defend stupidity online

Tokt:
Arrant Nonsense. We are looking for immediate ways to depend less on crude oil money and run the economy u are here talking rubbish.
If u aren't happy, go to court and Sue the govt.
Besides, what the govt simply did is an implementation of an existing law that was never enforced. It's not a new law.

Do you have a bank ? Which section of our law book empowers FGN to fraudulently steal N50 from citizens? Always let us be reasonable and objective. Everything in Nigeria should not be politicized. This is the Period of Change and God almighty will save us from NEGATIVE CHANGE.

idupaul:


I see your director has mandated you guys to intercept and engage any dissenting view.? 50 naira stamp duty is nothing but brazen thievery by the govt. .what have the done with VAT they collect on every single service and sale ... as a father if u need to improve urgent household will you tax the children's pocket money they got from you or you will strive to earn more from outside the home

Did you just ask what have been done with Vat? Whenever the federation s committee meet they share all monies that have accrued to government in a given month including vat. Don't just be showing your ignorance in an effort to paint the government bad. I see you and the Op are birds of the same feather .instead of seeking clarifications on things you don't know you go about wailling , don't blame you sha your party is not interested in Nigeria but their pocket.

obasiken:


From yur post i can deduce you have not left your fathers house so u dont understand what increase in taxes mean. A bag of rice is now 13500. Very soon you will be paying taxes on vegetables in yur parents farm.

So you want to buy imported (smuggled) rice for 13500 when we have loccally available rice for half the price. Depriving your people of income and employment while providing employment for rice farmers in Thailand . And what is wrong in paying tax in vegetables ,it's normal except you won't know because the clueless hero of yours couldn't implement existing laws and you are here wailling.

VUVUZELA10:

Do you have a bank ? Which section of our law book empowers FGN to fraudulently steal N50 from citizens? Always let us be reasonable and objective. Everything in Nigeria should not be politicized. This is the Period of Change and God almighty will save us from NEGATIVE CHANGE.

U are the ignorant one here. U should learn to read more and get enlightened. Find below ur law and read it up.



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 ened to 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:

http://www.vanguardngr.com/2016/01/fg-imposes-n50-stamp-duty-on-bank-customers/

PrinceVictorE:



You are the one talking rubbish. Be it implementation of new law or creating new one, The point is that this law is not favorable to the citizen. Get that straight.

Who are the citizens u are even talking about? What is the percentage of Nigerians that have current because this law isn't applicable to savings?
Seriously u are not making sense.

I really don't this idea, it should b charged on current s only. some of us who doesn't have a job n u beg ur uncle for 2k for instance n they take 50 box ,then u are only allowed to take 1000 from ATM or u will b charged an extra 100 for counter withdrawal in other words u will only do with 1850 or 1000. d whole plan is dead kai na. we all stand to say no to jagaga. improve d standard of living of the poor first before implementing this kind of policy,wait oh do emiefiele think at all or he is just one big boy dat doesn't care how d poor are fairing or he is just not connecting with d poor n middle class.

Even though i love this Govt i hate this policy by Godwin Emefiele, accepted by Kemi the finance minister and PMB. This mean A student given 10,000 pocket money decided to withdraw 1000 everytime will loose 5% (500) of his money. The upper class will not fill it only the lower class will suffer for it and student as well.

Am seeing this will encourage money laundering among lower class and definitely people will deposit less and keep their money at home, nobody want to loose especially in this period.

Those working under PMB must the checkmated or else will lead him against those who voted him into power.

This is wrong policy at wrong time and must be reverse

[s]

nicolosam:


"Bad laws are the worst sort of tyranny" what law is this author talking about? The law is made for the people and not the people made for the law. This is a high state of exploitation and the people's condemnation must be aired without any intimidation of any sorts. Meanwhile, I am not surprise at all because I know a priori that this government is a government of distraction and deception! Our Democracy is fraud!

[/s]

Senseless Post.
The law is an excellent one and a good one to source for funds to run the country. The percentage of those that will be affected by it in the country isn't even up to 20% of the General populace. The top echelon.

GeneralShepherd:


Do not put the cart before the horse!

Why will Nigerians be made to pay when senators want 5 billion naira to buy new cars?

Our own president, put a restriction on foreign transactions to deter it but yet is will to spend billions on BMW when we have locally manufactured innoson cars in Nigeria.

Even though you are pro APC, think for one second unless truly most of you are paid to defend stupidity online

Am not pro APC that said did you bother to ask why those restrictions were made? That's for another day. Oil prices has fallen, our crude isn't attractive to investors any longer, how do we fund government? We have to pay taxes and hold them able to deliver with it,if you have travelled outside the shores most nations generate revenue from taxes and when we go over there we gladly pay. Senators buying billion naira cars is corruption when Pmb acts that will say he's running a one man government and when you fight corruption it always fights back. Am not pro Apc, am pro PMB. He's the only one I can vouch for.

Tokt:
Arrant Nonsense. We are looking for immediate ways to depend less on crude oil money and run the economy u are here talking rubbish.
If u aren't happy, go to court and Sue the govt.
Besides, what the govt simply did is an implementation of an existing law that was never enforced. It's not a new law.

And d law sits Well with You

[quote author=egbonnla post=42177503]Do I hear you say this policy will only affect the rich? Let me put some engine oil to your thinking mechanism. Monthly I send stipends to relatives and friends from my small earnings. Will they be happy that N50 is being deducted from the small money being sent to them? [/quote

] Are you saying it won't affect them?

aloaye11:
I really don't this idea, it should b charged on current s only. some of us who doesn't have a job n u beg ur uncle for 2k for instance n they take 50 box ,then u are only allowed to take 1000 from ATM or u will b charged an extra 100 for counter withdrawal in other words u will only do with 1850 or 1000. d whole plan is dead kai na. we all stand to say no to jagaga. improve d standard of living of the poor first before implementing this kind of policy,wait oh do emiefiele think at all or he is just one big boy dat doesn't care how d poor are fairing or he is just not connecting with d poor n middle class.

Please read more before forming a skewed opinion. It's for current s. Not savings.

“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 s;
It should be noted that these charges are only payable by receiving s;

http://www.vanguardngr.com/2016/01/fg-imposes-n50-stamp-duty-on-bank-customers/

Sgwash:

And d law sits Well with You

What's ur grouse with it? Stop being vague, be specific.

Wizlove:
Will you stop trampling on your senses. Only zombies will believe your trash.

U know nothing about it. Instead of u to ask, u are there talking rubbish. Smh

linusbnn:



Don't say what you don't know just to justify your ignorance

Oya tell us what u know that contradicts what u qouted.

adajiboyy:
oga u beta kip quite and stop talking rubbish.this present goverment are hell bent on suffering the common man.I wonder y some nigerians defend this people that don't fucking care .or are u been paid.

What ffucking common man are u talking about that has a current which this law will be applied to because savings aren't included?
What is the percentage of Nigerians with current s itself?
Are u aware that it's for receiving s and not even for self to self payment?
U just open ur mouth to shout common man as if u are truly defending them. Rubbish.

The 1000 threshold is too small, it should have being more higher than that let say 10,000 and that will be reaaonable

lomprico:

Bros! So the best way to depend less on crude is to take 50 naira from that mama that saves 1000 naira every week from the akara she sells to send her son to school?

Read more bro. U are wrong. The mama isn't affected because savings s are excluded. Secondly self to self deposits are excluded. Stop spreading falsehood.

So its ok for the govt to take 50 naira from every bank customer whenever they transact just to maintain their extravagant lifestyle? Because oil money aint bringing much cash again.

Again u are wrong. Not all bank transactions are affected. Go up that link I have up there and read up.

So instead of the govt to look into human resource development, agriculture, other mineral resources the prefer to rob the masses?

They are looking into that already but these areas won't give immediate returns. We need funds immediately and this implementation is a good one.

An one fool is busy spending billions to explore the so called oil that we are trying to diversify from in a desert.

It's done worldwide, no big deal about this. Even in the coldest part of earth, it's still being explored.

I really dont know what to call you!

I actually know what to call u......the highly ignorant one.

Pidggin:


Who forced them to implement it? I don't mind borrowing them money through T-bills and purchase of bonds, they do not need to rob me or anyone else by demanding i pay them for my bank transactions

U are not being robbed, instead the law is being obeyed.
Secondly, cure ur ignorance. It's not applicable for all ur bank transactions.

GoodMuyis:
Even though i love this Govt i hate this policy by Godwin Emefiele, accepted by Kemi the finance minister and PMB. This mean A student given 10,000 pocket money decided to withdraw 1000 everytime will loose 5% (500) of his money. The upper class will not fill it only the lower class will suffer for it and student as well.

Am seeing this will encourage money laundering among lower class and definitely people will deposit less and keep their money at home, nobody want to loose especially in this period.

Those working under PMB must the checkmated or else will lead him against those who voted him into power.

This is wrong policy at wrong time and must be reverse

Ignorance at its peak. Where in this stamp duty law did u get this lie from?

Super1Star:
****

Something is an Act, a law in its own right and your are here debating something that is not debatable.

FG only implemented the law. How is that a crime?

We are too used to lawlessness in this country to the extent that we now believe it is the right way of life.

1.7billion Aso Rock maintance fund must be gotten by all means.

Keep ing EVIL...

egbonnla:
Do I hear you say this policy will only affect the rich? Let me put some engine oil to your thinking mechanism. Monthly I send stipends to relatives and friends from my small earnings. Will they be happy that N50 is being deducted from the small money being sent to them?

Pay it into their savings s and not current. Nothing will be deducted. do u Av any other problem with it?

Na by force to do bank transactions? Since you believe it's corruption, you can as well do your transaction like the mafias who don't do bank runs . Simple

emror4u:
With due respect, how many times do you make transfers from one of your s to another in a month, and how many times do you make payments to different s in the same time interval?? This policy will simply kill the cashless economy, especially for the lower and middle class

The same thing was said when CBN reintroduced the N65 ATM charges. Please tell me, how has cashless policy been affected?

crixtex:
See Demdem defending theft

Why don't u just face ur new job before u are sacked than poking ur nose on what u know little about.

Tokt:
Arrant Nonsense. We are looking for immediate ways to depend less on crude oil money and run the economy u are here talking rubbish.
If u aren't happy, go to court and Sue the govt.
Besides, what the govt simply did is an implementation of an existing law that was never enforced. It's not a new law.

keep ing him until d economy becomes very worse than this.

What of POS? Will the payee be charged #50 for every transaction? If yes, I see prices skyrocketing.

is the government going to rob Peter to pay Paul with that kind of unlawful charges? Maybe its the channel the current government wants to use to raise money and fund N5000 monthly payment for the unemployed youths and school feeding scheme.

This government is yet to sit tight and give us clear direction