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Buhari Speaks On N89 Trillion Missing Stamp Duty Fraud Allegation ~ OsazuwaAkonedo
Dec 14, 2022
Buhari Speaks On N89 Trillion Missing Stamp Duty Fraud Allegation ~ OsazuwaAkonedo #cbn #Corruption #Duty #EFCC #Garba #Kazaure #Muhammad #OsazuwaAkonedo #Shehu #Stamp https://osazuwaakonedo.news/buhari-speaks-on-n89-trillion-missing-stamp-duty-fraud-allegation/14/ By Garba Shehu
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0:00
by Garba shoe Dash
0:03
president muhammadu buhari came into
0:05
office in 2015 to find that a law which
0:08
stipulated for the collection of a token
0:10
on banking transactions existed but was
0:12
not being correctly implemented
0:14
this anomaly arose because certain
0:16
characters apparently formed a cartel
0:18
with collaborators in the Nigerian
0:20
Postal Service nippos and were allegedly
0:22
collecting and pocketing this money
0:25
soon after a non-government organization
0:27
posited to the administration that the
0:29
Nigerian government had lost the sum of
0:31
over N20 trillion to the Nigerian
0:33
interbank settlement system nibs between
0:36
2013 to 2016 in this regard claiming
0:39
that the said some could be recovered
0:41
and paid back into the government
0:42
coffers
0:43
the Consultants asked to be paid a
0:45
professional fee of 7.5 and were placed
0:48
under the supervision of the secretary
0:50
to the government of the Federation sgf
0:53
following the lack of progress in the
0:55
promised recovery the late chief of
0:57
staff to the president Abba Kerry wrote
0:59
on March 8 2018 to the sgf conveying of
1:02
Presidential Directive that following
1:04
the lack of progress and several Express
1:06
concerns received the activities of the
1:08
Consultants be discontinued
1:11
in the aftermath of this dismissal the
1:13
consultant sued the government
1:15
a court of competent jurisdiction
1:17
subsequently ruled in favor of the
1:18
government
1:19
arising from the outcome of the
1:21
litigation and the well-known
1:23
controversy on the legally responsible
1:25
agent for collecting this Levy the
1:27
administration went to the National
1:28
Assembly and caused an amendment to the
1:31
law and removed nippos from the duty of
1:33
its collection
1:34
having loss of potentially lucrative
1:36
line of business the sacked characters
1:38
returned to the drawing board to
1:40
formulate one form of trick or another
1:42
to intimidate the government but the
1:43
Vigilant teams of the administration
1:45
kept them at Bay
1:46
lately they returned to the government
1:48
through honorable muhammadu udaji Kazar
1:51
with a plan to track the so-called lost
1:53
stamp duties with the erstwhile
1:54
consultant as chairman and honorable
1:56
udachia's secretary
1:58
when it emerged that the petitioner and
2:00
leave consultant of the committee the
2:01
president had dissolved via the late
2:03
abbacary's letter of March 28 had
2:05
masqueraded himself and re-emerged as
2:08
the chairman of the new recovery
2:09
committee Champion by The Honorable
2:11
udachi the president rescinded the
2:13
approval he gave and asked that it be
2:14
stopped from operating under the Seal of
2:16
his office
2:17
in addition to this committee being
2:19
chaired by a petitioner there were also
2:21
other concerns relating to Natural
2:23
Justice and fair hearing and having the
2:25
Chief Justice of the Federation as a
2:27
Committee Member and a serving member of
2:28
the House of Representatives as
2:30
secretary which are not in line with
2:32
Section 5-1 A and B of the 1999
2:35
constitution of the federal republic of
2:37
Nigeria as amended
2:39
once the president rescinded his
2:40
approval to constitute this committee
2:42
lost all legitimacy
2:45
arguments have in recent days been
2:46
flying left and right over the
2:48
rightfulness of a committee being
2:49
dissolved
2:51
people are entitled to hold opinions but
2:53
these opinions do not change the fact
2:55
that under our constitution the power of
2:57
the president to appoint and remove
2:59
persons or groups is duly entrenched and
3:01
unless such powers are shared with the
3:03
parliament the president can hire and
3:05
fire literally at will and in line with
3:07
the law
3:08
to go back to the main issue though it
3:10
is now evident that the consultants and
3:12
petitioners claims of a missing n89
3:14
trillion from stamp Duty appears false
3:16
and a figment of their malicious
3:18
imaginations
3:19
the same set of Consultants claimed in
3:22
2016 there was 20 trillion naira to be
3:24
collected it was found to be false the
3:27
entire banking sector deposit is not
3:29
even up to half of 89 trillion naira
3:32
indeed if the federal government can
3:34
find 89 trillion naira it can pay off
3:37
all its debt both foreign and local
3:39
currency and all state government debts
3:41
and still have over 10 trillion naira
3:43
left
3:44
so the claim by these so-called
3:46
consultants and the disbanded committee
3:48
is totally ridiculous and a complete
3:49
mockery
3:51
our good friend and a committed party
3:52
member hanyu daji has tried to draw me
3:55
into a public debate which I don't
3:56
consider a good idea
3:58
in a video clip in hassa and a press
4:00
release in English both by this good
4:02
friend of the administration honorable
4:04
yudajikizer invited me to answer
4:06
questions some of which are completely
4:08
in lacking in imagination
4:10
I would have ignored the allegations
4:12
therein yet A wise man once said that a
4:15
lie can travel the world while the truth
4:17
is still wearing his shoes
4:19
it is on the basis of the above that I
4:21
decided to put some things straight and
4:22
respond directly to honorable because
4:24
there's questions posed to me
4:26
specifically I will respond to each of
4:29
his questions as follows
4:31
a the money with CBN i and e window
4:33
account stood at 171 billion dollars as
4:37
at 2020 what is the source of that money
4:39
to my knowledge the CBN established
4:42
investors and exporters INE window is a
4:45
foreign exchange trading platform where
4:47
Banks and other authorized dealers can
4:49
buy or sell for an exchange these trades
4:52
are recorded by the CBN daily and
4:53
reported as turnover or activity in the
4:56
market
4:57
contrary to honorable because there's
4:59
assertion the i and e window is not an
5:01
account where foreign exchange is
5:03
deposited it is simply a platform for
5:05
trading foreign exchange as of April
5:08
2020 the total amount of foreign
5:10
exchange traded either bought were sold
5:12
and the window was about 171 billion
5:15
dollars the size of this amount suggests
5:18
that there is adequate liquidity or
5:19
availability of Foreign Exchange and
5:21
that anyone who wants to buy or sell
5:23
would easily find a counterparty to
5:25
trade with the amount does not mean that
5:27
we have 171 billion dollars stacked away
5:30
in some Vault or saved in any account
5:33
note that both the CBN and authorized
5:35
dealers are free to bring foreign
5:37
exchange to the window and in fact the
5:39
CBN is not the major seller of Foreign
5:41
Exchange in that segment of the market
5:44
B the 23.4 trillion naira CBN gave is a
5:47
loan to some banks what is the source of
5:50
that money
5:51
the CBN is best placed to respond to
5:53
this question though I must say the
5:54
assertion itself is both baseless and
5:56
misleading the total balance sheet of
5:59
the CBN is not anywhere near 23 trillion
6:01
naira so how can it give such an amount
6:04
in loans to any or some banks
6:06
C the 13 trillion naira loan to the
6:09
federal government from fmdq what is the
6:12
source of that
6:13
according to the DMO the total amount of
6:15
Nigeria's domestic debt as of September
6:18
2022 is 21.6 trillion naira is Honorable
6:22
because they're suggesting that a small
6:23
company in Lagos holds over 60 percent
6:25
of Nigeria's domestic debt more also of
6:29
the 21.6 trillion naira domestic debt
6:32
only 4.5 trillion naira are in treasury
6:35
bills how Bank can accompany in Lagos
6:37
hold more treasury bills 13 trillion
6:40
naira then the entire treasury bills
6:42
issued by the federal government
6:44
for the avoidance of doubt I also took
6:47
time to reach out to the fmdq financial
6:49
markets derivative quotes and understand
6:51
from their audited financial statements
6:54
that their Holdings of fgn treasury
6:55
bills is just 7.99 billion Iris of
6:59
December 2021.
7:01
B finally what is the total Equity of
7:03
CBN and its National budget
7:06
anyone who understands this question
7:07
should provide an answer I can offer
7:10
this information on an annual basis and
7:13
in line with the fiscal responsibility
7:14
act the CBN transfers 80 of its
7:17
operating Surplus to the federal
7:19
government as part of the budget
7:20
revenues in the last six years this
7:23
contribution has amounted to over 150
7:26
billion naira let me inform that Mr
7:29
President has not completely ignored
7:31
these matters indeed a duly authorized
7:34
committee under the attorney general and
7:36
Minister of Justice abubakar malami San
7:39
is working to reconcile recover and
7:41
transfer all stamp duties into stamp
7:43
Duty Central account
7:45
the work is ongoing it is not finished
7:47
yet and the president will continue to
7:49
show his Keen interest in the matter of
7:51
stamp Duty collection
7:52
at View's exclusive rights Garba shoe
7:55
senior special assistant to the
7:57
president media and publicity December
8:00
13 2022
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