NewStats: 3,263,679 , 8,181,010 topics. Date: Saturday, 07 June 2025 at 09:46 AM 3h4j10

easrael:
Early this morning, I read a directive by the Central Bank of Nigeria to all Banks in the country where it ordered all banks in Nigeria to start charging N50 on all transactions that are above N1,000 from ALL Nigerians.

Now, as many of us may now know this until the banks start charging it and they give you tons of excuses for it.
Here are three facts why THIS charge is a FRAUD in totality!

1. This charge is to be under a particular stamp duty which is illegal in banking transactions! At least, I know stamp duties are charged under postal orders and not on some bank transactions.

2. The number the money is to be remitted into (CBN NIPOST Stamp Duty Collection No 3000047517) is not the popular TSA number which was created as the ONLY Government transaction’s correspondence! What this means is that the Federal Government is as corrupt as anything you can imagine, using this scheme to deprive the middle class off their hard earned money!

3. This scheme of generating funds was not listed as one of the means to be used to generate funds this year in the 2016 budget! I have read the 1800 page document page to page in details that I can almost tell where a particular item is placed. You all can take the pain to read it too. This government never listed this means as a non-oil revenue making means.

What this scheme is scheduled to do is to suffer the middle class and the lower class in Nigeria to feed some greedy, corrupt and selfish upper class. Why hasn’t the FG set up a tax on luxury items which the upper class in our strata is entitled to?

There are so many questions begging for answers that, some of which many among us will avoid answering them. I’ll leave you with this: Do not ever think you’ll benefit from the N5,000 to be given to the unemployed people because it is strictly a Northern affair! That is where we have the poorest of the poor!


Salem

Israel Oladipupo Ogunseye tweets via @LadiSpeaks

GOD WOULD BLESS YOU MY BROTHER. But I bet you, so many APC ZOMBIES will not agree with you on this. As for them, anything Buhari does is the best (esp those ABOKIS) until he deplete them to death. Just watch out for their comments and proved me wrong. I still ed 1984-85, no good economic policies, no jobs created, no meaningful developments, etc its all PROBE! PROBE! and PROBE! FAKE PROBES! And just as it is now, the probes were lopsided committing Southerners to prisons and freeing Northerners until the Counter-coup of IBB came in to remove him(PMB). May GOD deliver us this time around. When you talk, some would think you are one of those that shared the money, not knowing you are telling them the TRUTH that will help them.

Do u know that over 50million nigeria receive money in their every one week,so times 50naira times 50million =tell me is that not d biggest corrupution in history. No steady power supply no dividends of democracy.

henryhemon:


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.

And you overlooked my comment on him buying German made Bmws!

lomprico:

And you will remain a fool!

Not unexpected. U lack sufficient brain power to decipher what u read.

Victorblaze14:
keep ing him until d economy becomes very worse than this.

On the contrary, this step will boost our income and invariably improve the economy.

Demdem:


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

Hello Nairalanders,
You all chanted for CHANGE! CHANGE! CHANGE! And here comes the CHANGE and so could you please leave with it!

Demdem:




Not unexpected. U lack sufficient brain power to decipher what u read.

Niggarr! Am at work! I know u wont understand not until u get a job or start doing somthing worth while, then u will. I don't have that time to reply ur trash. You hear?

dammytosh:
Senseless post.

Enforcing a law is corruption ?

When all they read is headlines and whatever summary people give the body.



The eediots prefer to run to UK or Canada and go and pay tax but cut corners in Nigeria.

they pay over there because their government Are sincere

Victorblaze14:
Do u know that over 50million nigeria receive money in their every one week,so times 50naira times 50million =tell me is that not d biggest corrupution in history. No steady power supply no dividends of democracy.

Nop, it's not corruption because it's backed by law. Secondly, how many of these s is current?

lomprico:

Niggarr! Am at work! I know u wont understand not until u get a job or start doing somthing worth while, then u will. I don't have that time to reply ur trash. You hear?

U don't have time but u had time to spill out the earlier rubbish eh? Any way, I still insist that.....

Demdem:



Not unexpected. U lack sufficient brain power to decipher what u read.

erico2k2:

Ahah Take it easy on these guys, the problem is most of them are just plain lazy to read and educate themselves,they still wont go and read up the meaning of stamp duty
for those still in the dark a STAMP DUTY simply is*** a duty levied on the legal recognition of certain documents** in this case acknowledgement of receipt of funds unto your current ,hence 2n2k gave an example of carrying stamps on receipts.But 2n2k I don't think there will be a physical stamp we have past that stage though.

My gripe is with people whose knowledge is not up to one yet still dividing it into two. Can you imagine.

As for physical adhesive stamp to be affixed by traders. Yes there will be. Pre-printed documents with 'stamp duty paid' emblem can only be done by government and security printers. Traders do not print their invoices and receipts in those sources. Also only authorized offices of stamp duties can put the embossed stamp duty dies (those red stamp dies you see on ed legal documents). Traders cannot be shuttling stamp duties offices just to legalize N2,000 transaction with a N50 stamp duty dies

In order to address this and ease the collection of stamp duties, Sections 11 to 13 of the Stamp Duties Act CAP. 441 LFN 1990, stipulate the procedure for the use of adhesive postage stamps by general traders as well penalty for failure.

Some pple wont think straight,the op brought out strong points,anytin dis inept govt does pple wont reason but starting wailing like morons,why is this outside the tsa ? And u dnt see anytin wrong? Awon ole!

I wonder how some people defend every action taken by this current FG, imagine charging N50 from my hard earned money for every transaction above 1k,hmmmmmmm it is well oooo.

2n2k:


My gripe is with people whose knowledge is not up to one yet still dividing it into two. Can you imagine.

As for physical adhesive stamp to be affixed by traders. Yes there will be. Pre-printed documents with 'stamp duty paid' emblem can only be done by government and security printers. Traders do not print their invoices and receipts in those sources. Also only authorized offices of stamp duties can put the embossed stamp duty dies (those red stamp dies you see on ed legal documents). Traders cannot be shuttling stamp duties offices just to legalize N2,000 transaction with a N50 stamp duty dies

In order to address this and ease the collection of stamp duties, Sections 11 to 13 of the Stamp Duties Act CAP. 441 LFN 1990, stipulate the procedure for the use of adhesive postage stamps by general traders as well penalty for failure.

I agreebut I recon some Biz owners might have a provition to buy seals if they can afford it.Anyway I won't be affected as my is saving and I won't open a current in Nigeria not in 50 years we are not ripe yet.

Clinton207:
I wonder how some people defend every action taken by this current FG, imagine charging N50 from my hard earned money for every transaction above 1k,hmmmmmmm it is well oooo.

So yoywan U wan do follow follow? Who told you it's every transaction above 1k?

bejeria101:
Some pple wont think straight,the op brought out strong points,anytin dis inept govt does pple wont reason but starting wailing like morons,why is this outside the tsa ? And u dnt see anytin wrong? Awon ole!

He has been answered just read fru.

lomprico:

Niggarr! Am at work! I know u wont understand not until u get a job or start doing somthing worth while, then u will. I don't have that time to reply ur trash. You hear?

Only if U know how degrading the N word is if you live along its corridors of origin.

asuustrike2009:

they pay over there because their government Are sincere

This is a new Government.

You can not conclude that they are not sincere without giving them the benefit of doubt.

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?

Oga make I oil your thinking small. Ask ur relatives to open savings s only.

dammytosh:


This is a new Government.

You can not conclude that they are not sincere without giving them the benefit of doubt.

They are not sincere especially after reading the current budget

asuustrike2009:

They are not sincere especially after reading the current budget

What part of the current budget shows in sincerity ?

Be specific. Not the PDP say so ...

GeneralShepherd:


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?

Ahah it must not be postal stamp.it could be a seal.it could be one of those red ones yoy see on deeds.

dammytosh:


What part of the current budget shows in sincerity ?

Be specific. Not the PDP say so ...

the one that has to do with the presidency. Even if pdp made an observation, then it should be looked into.

Demdem:


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

Be truthful

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.

By their fruits you shall know them. Paid, APC e-rat/stooge.

linusbnn:



Be truthful

U tell us and stop patronising me. Or u don't even know eh

tiptopy03:


By their fruits you shall know them. Paid, APC e-rat/stooge.

Av u read the stamps duty act? If u avnt then u believe u are talking ignorantly. Don't allow it to consume u.

jumboo:


How come u earn 108k when u cannot read. It's not a 5% charge on every deposit. It's 50 naira on deposits above 1000 naira to a non savings . If u r unhappy with the charge, provide your savings as designated bank for your transactions.

I don't get u, how do u mean a non savings acct? isn't this supposed law applicable to savings acct, current and every other acct deposit? is it jus tailored to a single acct? oga educate me, u seems to. a schooler. is N50 not 5% of 1k?? oh u have not given it a close look b4 sha?? 5% on every 1000 of money u send to ur brother/sister, children cousines, frnds in school, and on evry mny that enters into ur acct evry single day. not pet month ooo guy, per deposite above 1k now think abt it, b4 the end of the month hasn't that gone drastically above the value added tax(VAT) and u r rejoicing, clapping ur hands in . don't worry when u start seeing how our politician start buying private jets, buying properties in Dubai, Paris, Canada n our new dead n povertarised NIPOST b d richest organisation in west Africa with little or no employment n poor services to nation pls don't ask how come o n don't complain.

erico2k2:

I agreebut I recon some Biz owners might have a provition to buy seals if they can afford it.Anyway I won't be affected as my is saving and I won't open a current in Nigeria not in 50 years we are not ripe yet.

Now this is a knowledgeable person that knows what the law is all about and not shameless nonentities talking without knowledge.

foriz4u:

I don't get u, how do u mean a non savings acct? isn't this supposed law applicable to savings acct, current and every other acct deposit? is it jus tailored to a single acct? oga educate me, u seems to. a schooler. is N50 not 5% of 1k?? oh u have not given it a close look b4 sha?? 5% on every 1000 of money u send to ur brother/sister, children cousines, frnds in school, and on evry mny that enters into ur acct evry single day. not pet month ooo guy, per deposite above 1k now think abt it, b4 the end of the month hasn't that gone drastically above the value added tax(VAT) and u r rejoicing, clapping ur hands in . don't worry when u start seeing how our politician start buying private jets, buying properties in Dubai, Paris, Canada n our new dead n povertarised NIPOST b d richest organisation in west Africa with little or no employment n poor services to nation pls don't ask how come o n don't complain.

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

Read up. Come back to thank me later.