He said during the Monetary Policy Committee Meeting that the said amount is far bigger than the total asset of the entire banking industry in the country.
The apex bank boss revealed that N370.89bn has been collected between 2016 to date.
Emefiele said, “N89trn is so large. The total asset of the banking industry if you understand accounting is about N71trn or N71.5trn. The total deposit of the banking system is N44.49trn. So, how then is it possible that stamp duty is N89trn while a deposit of banks is N44.49trn.
“So, when it became a story everywhere, we went into our records, told Banking Supervision, Banking Payment System to go into the system and rake out the total amount that has been collected on stamp duty from 2016 to date.
“The report that we have in CBN is that Stamp Duty collected to date is N370,886,315,505.28. This is public accounts. We owe Nigeria public accountability. Out of that, the Federal Inland Revenue or the Ministry of Finance has disbursed to Federation Accounts Allocation Committee (FAAC) N226,451,720,158.88.
The reaction is in response to a member of the House of Representatives, Mr Muhammed Kazaure, who claimed that Emefiele siphoned the sum of N89trn which had allegedly accrued to the federation.
Kazaure alleged in December last year that about N89.1trn realized from the collection of N50 Stamp duty and bank charges from all transactions valued above N2,000 between 2017 and 2020 it kept with the CBN, was missing.
According to the lawmaker, between April 2017 when the I&E Window account was opened, and April 2000, accrual from stamp duty and bank charges from transactions on Forex totaled about $171bn.
But Emefiele said “The truth is that the CBN will not be joined in any argument with anybody because it will overheat the system. But it is important for me to say that Stamp Duty is the revenue that needs to be collected from people who are conducting electronic transfers. It is about public accounts and accountability.
“I do not want to make any statement that will overheat the system. I don’t understand how the Central Bank started forcing banks in 2016 to collect stamp duty because we feel it is a source of revenue generation opportunity. How can that same Central Bank begin to withhold N89trn. It beats our imagination that those kinds of arguments can come.
“We at Central Bank we have said we will continue to look for it. What have we done? We have engaged the big four audit firms, KPMG, PricewaterhouseCoopers (PWC) Ernst & Young and Deloitte to go to the banks and do a forensic audit of all stamp duty.
“Maybe by the time they simulate the number of transactions, they will see it and if there is any uncollected stamp Duty, we will force the banks they pay to the last one penny.”