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Economic Crunch: Nigerians to pay N50 for each deposit [Update]

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Analysts compared it with government removing 50 kobo from petrol, while taking N50 for every deposit, describing it as robbing Peter to pay Paul.

The Federal Government has introduced a new tax whereby bank users are required to pay N50 for every deposit one makes into their account.

The central Bank of Nigeria [CBN] issued a circular to banks that all deposits into accounts (excluding savings accounts) must be charged N50 as stamp duty to that effect.

The affected account types are current accounts and fixed deposits.

The N50 stamp duty charged by banks must be paid into FGN account on a daily basis via the NIPOST TSA account.

According to BudgIT, this will affect deposits higher than 1,000 Naira.

This was disclosed in the twitter conversations of the Federal Government agency, BudgIT with the handle @ BudgITng.

Some analysts however are not comfortable with the new arrangement comparing it with a situation whereby government removed 50 kobo from petrol, while taking N50 for every deposit, describing it as robbing Peter to pay Paul.

This development is no doubt one of government’s responses to the unprecedented crunch that has gripped the Nigerian economic atmosphere.

See attached documents:

 

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