CBN Boss reveals FG targets N66.1 Billion from stamp duty in 2016

The Federal Government is targeting an additional N66.1 billion revenue in 2016 from an imposed stamp duty of N50 on bank customers for money received into their accounts.

The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, gave the indication while speaking with newsmen on the sideline of the Monetary Policy Meeting on Wednesday in Abuja.

NAN reports that the 2016, 2017, 2018 Medium Term Expenditure Framework and Fiscal Strategy Paper as captured in the 2016 Budget under the non-oil revenue section, shows that the Federal Government projects to make N66.1billion in 2017 from stamp duty alone.

It also projects that the revenue would grow to N71.8 billion in 2017 and to N78.5billion in 2018.

Emefiele said that the Federal Government was exploring opportunities in the banking sector as part of efforts to boost its revenue base through taxes and rates.

Photo Credit: NAN Photo