The Federal Government has moved to recover a backlog of unremitted revenues accruing to it through the Stamp Duty Tax in the last five years.
President Muhammadu Buhari made this known on Tuesday at the official inauguration of the Inter-Ministerial Committee on Audit and Recovery of Back Years Stamp Duties and the Launch of the Federal Inland Revenue Service, FIRS Adhesive Stamp held at the Transcorp Hilton Hotel, Abuja.
President Muhammadu Buhari who was represented by the Secretary to the Government of the Federation (SGF), Boss Mustapha, stated that the collection from stamp duty would be second to oil revenue, as it has the potential to yield up to a trillion naira if properly harnessed.
Consequently, the President also directed that all institutions of government and related stakeholders should support the Inter-Ministerial Committee on Audit and Recovery of Back Years Stamp Duties to enable it succeed on its assignment.
The Executive Chairman of FIRS, Muhammad Nami, disclosed that the Service has grown revenues from Stamp Duties by over 1,000 percent, totalling N66b in the first five months of 2020 alone, compared with N6b collected from January to May 2019.
Mr. Nami attributed this increase to the dynamism triggered by Finance Act 2019, sums warehoused by the Central Bank of Nigerian, CBN in respect of prior years, and the deployment of technology and stakeholders’ collaboration.