Urged FG to respect the Judicial process on London/Paris Club Loan consultancy deduction
The Body of Attorneys General of the States of the Federation (BOAGS), has expressed displeasure over the Federal Government’s incorrect distribution of funds
derived from the Electronic Money Transfer Levy (EMT Levy) to the Federal, State and Local Governments.
According to them it is in disregard of Constitutional and statutory provisions stating that neither section 163 of the 1999 Constitution nor
section 89A of the Stamp Duties Act (SDA –introduced through section 48 of the Finance Act 2020) countenance the disbursement of the EMT Levy to
the Local Governments.
This was part of a communique issued and signed on behalf of members by the Chairman of the Body, Mr. Moyosore Onigbanjo (SAN), Attorney General and Commissioner for Justice, Lagos State as well as the Secretary, Dr. Abdulkarim Kana, Honourable Attorney General, Nasarawa State, from its second meeting held in Asaba, Delta State from 30th November and 2ndDecember 2022.
According to the communique, SDA provides a sharing formula for the revenue derived from the EMT levy, with 15% of the revenue allocated to the Federal Government and Federal Capital Territory and the remaining 85% allocated to the State Governments.
Therefore, the body insists that each Federating State must receive 85% of the levy derived from that State as the law provides.