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CBN To Nigerians: Don’t Pay N50 Charges On PoS Transactions [VIDEO]

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The Central Bank of Nigeria has clarified the issue of payments of N50 charges by merchants who use Point of Sale machines for cashless transactions, insisting that nobody should pay extra on goods and services.

The CBN explained that the N50 stamp duty is a fee regulated by an act that directs merchants to pay all necessary taxes as regulated by government agencies.

Speaking on Channels Television’s Business Morning programme, the CBN Director of Payment System Management, Musa Jimoh, said the apex bank issued a circular and merchants have misinterpreted the directive.

Jimoh said: “Stamp duty has been misinterpreted, our circular that talks about merchants paying stamp duties according to the law do not say that the stamp duty should be paid by the consumer; that is a misrepresentation of CBN directive.

“What our directive says is that merchants should pay all necessary tax as regulated by government agencies, including stamp duty.

“What we told the merchants is that we would like the banks to ensure that the merchants comply with this directive by ensuring that every single payment that customers make to them, the merchants pay the regulated stamp duty of N50.

“What has happened is that they have actually transferred this fee blatantly and openly to the consumers; this is very wrong.

“No single individual should pay N50 in addition to the cost of the goods.

“Stamp duty is not to be paid by individuals that are consuming the goods and services of the merchants.

“The merchants who are receiving the money are the ones who are supposed to pay.”

Jimoh explained that because the stamp duty is not regulated by the CBN, there are no plans to stop stamp duties.

He said: “Stamp duty is not a CBN regulated fee.

“It is a fee regulated by an act and so we can’t change or push anything in that direction.

“To this end, the stamp duty remains and cannot be changed by the CBN.

“What we are doing is to ensure that the institutions we regulate (the banks) become more responsible to ensure that these fees are collected and given to the government.”

 

Video Credit: Channels TV

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PHOTOS: Borno Governor, Babagana Zulum, Leads Funeral Prayer Of 43 Farmers Killed By Boko Haram

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Borno state governor, Babagana Umara Zulum on Sunday led the funeral prayer of the 43 farmers that were slaughtered by Boko Haram Insurgents in Zabarmari on Saturday.

The slain farmers who live in Zabarmari, a farming community in Jere Local Government Area, famous for rice cultivation and local processing, were attacked on Saturday, at Koshebe village, a place in Mafa Local Government Area.

The governor during his visit was told that the death toll was yet to be fully ascertained.

“Your Excellency, as you have seen here, 43 corpses were buried, but others have not been retrieved from the scene of the incident. Nobody can tell you the exact number of people killed. Some of the victims are still missing” a resident (name concealed, told the Governor).

Zulum empathized with the bereaved community and hoped for the release of the remaining victims who have been held captive.

“First of all, accept my deepest sympathy over this carnage, once again, that affects all of us and every human with a conscience. I am told some persons are still missing. We have been discussing with the military since yesterday, Insha Allah the remaining people will be traced soon.”

“It is disheartening that more than 40 citizens were slaughtered while they were working in their farmlands.

“Our people are in very difficult situations, they are in two different extreme conditions, on one side they stay at home they may be killed by hunger and starvation, on the other, they go out to their farmlands and risk getting killed by the insurgents.

Governor Zulum says Borno is still appealing to the Federal Government to ensure that safety returns to Borno.

“We are still appealing to the Federal Government to ensure recruitment of more our youths in the CJTF and hunters into the Nigerian military and the Civil Defence so that they can form part of the agro rangers that will protect farmers.

“We need many boots to protect farmlands and our youths understand the terrain. We will not lose hope because we have to remain optimistic about ending the insurgency” Zulum said.

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Buhari Approves Salary Increment For Police

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President Muhammadu Buhari has approved salary increment for men and officers of the Nigeria Police Force.

The salary increment, we learnt, cuts across all ranks of the force.

The Inspector-General of Police, Mohammed Adamu, disclosed this on Thursday during his visit to the Ogun State Police Command.

Adamu’s visit to Ogun State was part of his efforts to boost the morale of police officers after the attack on them during the recent End SARS protest.

While addressing officers of the command, Adamu urged them not to be demoralized by the attacks suffered during the protest.

He charged them not to be afraid of carrying out their duties as a result of the criticisms against them, saying no society survives without the police.

Adamu revealed that President Muhammadu Buhari’s administration has taken various steps to reform the Nigerian police.

According to him, “The government has approved an extension of health scheme to retired police personnel. The police salary structure has been reviewed upward, affecting all ranks.”

He added further that plans have been concluded for the renovation of police barracks across the nation.

In his words, the State Commissioner of Police, Edward Ajogun, said the IGP’s visit would re-awaken the dampened morale of the police officers in the state.

Ajogun explained that about seven divisional headquarters were vandalized in the state, while the DCO of Atan-Ota division, DSP Ogbeche, lost his life.

He added that the police in Ogun have since returned to their duty posts, saying it is their duty to protect lives and property.

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Nigerians Should Vote Us Out In 2023 If They Are Tired Of Our Faces —- Senate President

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President of the Senate, Ahmad Lawan, has warned that there could be anarchy if the Senate is scrapped as being clamoured by some Nigerians.

Rather, he challenged those who are not comfortable with the senators in the current 9th Senate to vote them out in 2023 if they don’t like their faces.

Lawan stated this on Friday while declaring open, a retreat for top management staff of the National Assembly and National Assembly Service Commission in Abuja.

He described the Senate as a leveler which ensured that all parts of the country are equally represented unlike the House of Representatives where states with higher populations produce the highest number of lawmakers.

The Senate President also faulted the argument of those clamouring for the scrapping of the Senate because of the perceived jumbo pay being earned by the senators.

He said the annual budget of the National Assembly is less than one percent of the nation’s 2021 budget.

He said, “Without the National Assembly and the legislature across the country, what you have is not a democracy anymore.

“So the value of the legislature and National Assembly to Nigerians is democracy. If you take out the legislature, it might not be a dictatorship but certainly not a democracy.

“So when we always debate on jumbo pay and not the functions of the National Assembly – what we are able to do and what we are not able to do.

“Ask for what you think we should be doing rather than saying close down the Senate or the National Assembly. Do you understand the implications of what would happen if we close the senate? I am not saying because I am in the Senate.

“The Senate is a leveler because, in the House of Representatives, the population is major – that is why some states will have five, six members and others have up to 20.

“So if you say close down the Senate, there will be a day when people will cry foul.

” In the Senate, what Kano produces is what Bayelsa will produce. Three senators in Kano and three senators in Bayelsa, so that stabilizes the system.

“In a budget of N13 trillion, the National Assembly will get about N125bn to N128bn. That is less than 1 percent. So where is the remaining 99 percent?

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