If You Are Using These Banks, Read This IMMEDIATELY As FG Sends Urgent Warning To Them Over This
In a surprising turn of events, Bola Ahmed Tinubu, a prominent political figure in Nigeria, has initiated a bold move in the early days of 2024. The move involves the shutdown of the Federation Account and the creation of a new revenue fund, leading to a series of actions by commercial banks that has left customers bewildered.
The federal government’ s directive to Nigerian banks to debit customers’ domiciliary accounts has stirred significant controversy. This directive is in response to old foreign currency transactions carried out by customers, and the deducted amounts are slated to be remitted to the government. Major banks such as Access Bank, GTB, UBA, and Zenith have already sent notifications to their customers, preparing them for the impending debits.
The primary reason behind these deductions lies in the Electronic Money Transfer Levy (EMTL) backlog on old foreign currency transactions spanning from 2021 to 2023. The Federal Inland Revenue Service (FIRS) mandated commercial banks to impose a N50 electronic money transfer levy on every N10, 000 foreign currency transaction and remit the collected funds.
Despite this directive being in place since December 2023, banks have been slow to implement the levy, leading to a backlog. The Finance Act 2020 Section 48 and Stamp Act 2004 Section 89A (1) as amended empower the FIRS to impose the EMTL on recipients of electronic receipts or transfers of N10, 000 or above in any type of account within a deposit money bank or financial institution.
In a broader economic context, the timing of these deductions coincides with ongoing developments in the financial sector. The Central Bank of Nigeria (CBN) recently disclosed that over N10 trillion has been loaned to customers under various intervention schemes. The disbursement of funds, particularly under the Anchor Borrowers’ Programme (ABP), has contributed to the economic landscape.
As the controversy surrounding the Electronic Money Transfer Levy unfolds, it remains to be seen how the public and relevant authorities will respond to these developments. The impact on individual customers, businesses, and the overall economy will likely be a focal point of discussions in the coming weeks. Tinubu’ s role in instigating this financial shake- up adds a political dimension to an already complex situation, making it a topic of keen interest and scrutiny for Nigerians across the country.
