LAGOS Jan 19 (Reuters) - Nigeria will start enforcing its stamp duties law on financial transactions across commercial banks, the central bank said in a circular on Tuesday, in a bid to shore-up non-oil revenue and plug shortfalls caused by the drop in global price of
crude.

The circular was addressed to commercial lenders whom it said should immediately start charging 50 naira ($0.2513) on every 1,000 naira deposit or electronic transfer conducted by customers.

Africa's top oil producer, which has the continent's biggest economy, relies heavily on revenue from crude sales but the falling oil price means it will have to look elsewhere to fund its budget.

Nigeria plans to spend about 6 trillion naira in 2016 with expected revenue of around 3.9 trillion naira, of which only 820 billion would come from oil.

($1 = 199 naira) (Reporting by Oludare Mayowa;
editing by Alexi Akwagyiram/Jeremy Gaunt)

Source:
http://reuters.com/regional/article/idAFL8N1531YE?edition=af


Cc FOD dominique naijacutee puskin

The circular was addressed to commercial lenders whom it said should immediately start charging 50 naira ($0.2513) on every 1,000 naira deposit or electronic transfer conducted by customers.

N50 on N1000 is 5%.
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You mean to tell me I will loose 5% of my money when I make a transfer? Sounds too outrageous to be true. Let me pretend not to believe this for now.
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So, I run a retail business with a tight Margin of around 15%. Every time I go to deposit the proceeds in the bank, the government takes 5%. Meanwhile I have other expenses like Interest expense, SG&A, etc. And at the end of the day, I'm supposed to pay 30% tax on my profit. They might even increase VAT to 10% soon.
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Now, I'm worried about those managing the economy, if this story is true as is written.

And Banks will still charge me for Maintenance fee. SMH.

How about the monthly fees they charge every month? I have a feeling that is about to be hiked also. These banks want us to go back to the crude ways of saving money ni?

JurassicPark:

Source:
www.mobile.reuters.com/regional/article/idAFL8N1531YE?edition=af

The link is an invalid url. Please check and re-post it.

Honezzzzly, I'm considering traveling to greener pastures with this my 500k.

N50 for every N1,000 is outrageous!

Hmmmm... This wont work. People will device a means of saving their money themselves..

So, on 1million saved.. Bank will deduct 50,000... On 5million. It'll be 250,000

seun should delete this thread jooor. Its fake. It can never work. Nigerians i know will prefer keeping their monies themselves..

Difference kinds of change

solid3:
Honezzzzly, I'm considering traveling to greener pastures with this my 500k.

your 500k is 25k... Chai, 25k wey go buy 4 months foodstuffs for your house.. Hahahahaaha

af.reuters.com/article/nigeriaNews/idAFL8N1531YE Seems reuters published the news before any of our dailies...

dominique:

The link is an invalid url. Please check and re-post it.

I wonder how govt officials come up with policies. Na for bia palor?!

dominique:


The link is an invalid url. Please check and re-post it.

Sorry for the mix up.. *modified*