Senate Probes CBN Over Un-Remitted N20tr Stamp Duty Revenue

The Senate on Tuesday directed its Committee on Finance to investigate the circumstances surrounding the issue of over N20trillion un-remitted stamp duties revenue due to the Federal Government from banks and other financial institutions.

It said the investigative activities of the committee would start from 2013 to 2016 and “financial accountability of stamp duty collections from 2016 when the CBN officially directed all banks to collect on behalf of the Federal Government to date.”

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The resolution of the Senate was sequel to a motion titled: “The need to improve Internally Generated Revenue (IGR) of the Federal Government of Nigeria significantly by over N5trillion annually through non-oil revenue sources available at its disposal” moved by Senator Patrick Akinyelure.

In his contribution, Senate President, Ahmad Lawan, blamed the non-remittance on stamp duty collection agencies.

“What we have been expecting to be available as stamp duty is not so and what has happened is because those that were supposed to collect the stamp duty were taking advantage of the way the Stamp Duty Act has been.

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“I believe from January, the stamp duty collection will be significantly improved. We have also come up with another idea of engaging all revenue agencies every quarter for evaluation of their collections. The idea is not to allow agencies just do what they want,” Lawan said.