The presidency says specialists requested to be paid a certified rate of seven.5 p.c and had been positioned underneath the supervision of the Secretary to the Government of the Federation.

The Presidency has once more disregarded allegations of misappropriation of Stamp Duty price range leveled in opposition to some govt companies by means of a member of the House of Representatives, Gudaji Kazaure.

A remark by means of the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, on Tuesday mentioned the allegations had been “baseless and misleading”.

Mr Shehu had on Sunday described the claim as a figment of the imagination of Mr Kazaure, who had previous claimed that he’s the secretary of a committee arrange by means of President Muhammadu Buhari to glance into stamp responsibility assortment problems.

In a swift response to Mr Shehu’s remark, Mr Kazaure argued that Mr Buhari secretly arrange the committee and simplest the president may dissolve it.


In a remark Tuesday night time signed by means of Mr Shehu, the presidency defined that Mr Buhari got here into workplace in 2015 to in finding {that a} regulation, which stipulated for the number of a token on banking transactions, existed however was once no longer being as it should be carried out

“This anomaly arose as a result of sure characters it seems that shaped a cartel with collaborators within the Nigerian Postal Service, NIPOST and had been allegedly amassing and pocketing this cash.

“Soon after, a non-govt group posited to the management that the Nigerian govt had misplaced the sum of over N20 trillion to the Nigerian Inter-bank Settlement System ((NIBSS) between 2013-2016 on this regard, claiming that the mentioned sum might be recovered and paid again into the federal government coffers.

“The consultants asked to be paid a professional fee of 7.5 percent and were placed under the supervision of the Secretary to the Government of the Federation, SGF. Following the lack of progress in the promised recovery, the late Chief of Staff to the President, Abba Kyari wrote on March 8, 2018 to the SGF conveying a presidential directive that following the lack of progress and several expressed concerns received, the activities of the consultants be discontinued.”

In the aftermath of this dismissal, the remark mentioned the specialists sued the federal government and a courtroom of competent jurisdiction due to this fact dominated in favour of the federal government.

“Arising from the outcome of the litigation and the well-known controversy on the legally responsible agent for collecting this levy, the administration went to the National Assembly and caused an amendment to the law and removed NIPOST from the duty of its collection,” the remark mentioned.

“Having misplaced a doubtlessly ‘profitable’ line of ‘trade,’ the sacked characters returned to the strategy planning stage to formulate one type of trick or some other to intimidate the federal government however the vigilant groups of the management saved them at bay.

“Lately, they returned to the federal government via Hon. Muhammadu Gudaji Kazaure with a plan to monitor the so-known as misplaced stamp tasks with the erstwhile marketing consultant as chairman and Hon. Gudaji as secretary.

“When it emerged that the petitioner and lead consultant of the committee the President had dissolved via the late Abba Kyari’s letter of March 28 had masqueraded himself and re-emerged as the chairman of the new recovery committee championed by the Hon. Gudaji, the President rescinded the approval he gave and asked that it be stopped from operating under the seal of his office.”

In addition to this committee being chaired by means of a petitioner, the presidency claimed that there have been additionally different considerations referring to to herbal justice and truthful listening to in having the Chief Justice of the Federation as a committee member and a serving member of the House of Representatives as Secretary, which aren’t in keeping with Section 5(1),(a)&(b) of the 1999 charter of the Federal Republic of Nigeria (as amended).

However, it famous that when the president rescinded his approval to represent the committee, it misplaced all legitimacy.

“People are entitled to hold opinions. But these opinions do not change the fact that under our constitution, the power of the president to appoint and remove persons or groups is duly entrenched and unless such powers are shared with the Parliament, the President can hire and fire literally at will, and in line with the law,” Mr Shehu mentioned.

N89 Trillion

The presidency mentioned that it’s now obvious that the specialists and petitioners’ claims of a lacking N89 trillion from stamp responsibility “appears false and a figment of their malicious imaginations”.

The remark mentioned that the similar set of specialists claimed in 2016 there was once N20 trillion to be accumulated but it surely was once discovered to be false as all of the banking sector deposit isn’t even up to part of N89 trillion.

“Indeed, if the Federal Government can find N89 trillion Naira, it can pay off all its debt, both foreign and local currency and all state government debts and still have over N10 trillion left,” the remark mentioned.

“So, the claim by these so-called consultants and the disbanded committee is totally ridiculous and a complete mockery.”

Other Claims

On Mr Kazaure’s declare at the supply of “the money with CBN I & E window Account (which) stood at $171 billion dollars as at 2020”, Mr Sheu mentioned the CBN-established Investors and Exporters (I&E) Window is a foreign currency echange buying and selling platform the place banks and different approved sellers can purchase or promote foreign currency echange.

He added: “These trades are recorded by the CBN daily and reported as turnover or activity in the market. Contrary to Hon. Kazaure’s assertion, the I&E window is NOT an “account” the place foreign currency echange is deposited. It is just a platform for buying and selling foreign currency echange. As of April 2020, the full quantity of foreign currency echange traded (both purchased or bought) within the window was once about $171 billion.

“The size of this amount suggests that there is adequate liquidity or availability of foreign exchange and that anyone who wants to buy or sell would easily find a counterparty to trade with. The amount does not mean that we have $171 billion stacked away in some vault or saved in any account.”

He famous that each the CBN and licensed sellers are loose to carry foreign currency echange to the window, and in reality, the CBN isn’t the main supplier of Foreign Exchange in that phase of the marketplace.

Similarly, on claims in regards to the supply of the N23.4 trillion CBN gave as a mortgage to some banks, the remark mentioned the CBN is absolute best positioned to reply to the query however the statement itself is each baseless and deceptive.

“The total balance sheet of the CBN is not anywhere near N23 trillion. So how can it give such an amount in loans to any or some banks?” Mr Sheu mentioned.