The Central Bank of Nigeria (CBN) on Thursday in Abuja assured depositors that their tax funds were safe. Alhaji Isiaku Ibrahim, Chairman ,Tax Working Group, disclosed this at a two-day national conference entitled:

The Payment system: Vision 20:2020 initiatives. Ibrahim noted that CBN had set aside treasury base and funds to upset the payment of victims of collapsed banks. He assured the depositors that the fact that some banks had collapsed would not affect their funds in the custody of such banks.

According to him, all banks are mandated to pay a certain amount of money to CBN to offset tax depositors when the need arises. “Depositors of tax should not be afraid of collapse of any bank, whenever it happens, there is always a way out. CBN has set up treasury base and funds for all banks which will serve as remedy or used to upset payment of tax depositors in case any bank collapses.

” Tax Working Group was set up to address taxpayers’ complaints and remittance of revenue collected among others, the News Agency of Nigeria reports. The group will oversee implementation and provision of evidence of payments on demand.