By Andrew Onyejuruuwa
The sum of N66billion was generated from stamp duty between January and May of the current financial year 2020 according to the Federal Inland Revenue Service (FIRS).
Abdullahi Ahmad, FIRS Director, Communications and Liaison Department said in a statement that the Executive Chairman of FIRS, Muhammad Nami made the disclosure at the inauguration of the Inter-Ministerial Committee on Audit and Recovery of Back Years Stamp Duty and the unveiling of the FIRS Adhesive Stamp in Abuja.
The Chairman said the money realised in the first five months of the year from stamp duty represented about 1,000 per cent increase. He added that the increase was unprecedented when compared to six billion naira collected from January to May 2019. The FIRS boss attributed this increase to the dynamism triggered by Finance Act 2019, as well as the sums warehoused by the Central Bank of Nigeria (CBN) in respect of prior years and the deployment of technology as well as stakeholders’ collaboration.
He said, “The introduction of the FIRS Stamp Duties Adhesive Stamp will, among other things, plug the revenue sink-hole, enable proper accountability and transparency, simplify administration of Stamp Duties and reduce disputes.”
The statement also said that the Secretary to the Government of the Federation (SGF), Mr Boss Mustapha, who is also saddled with the Chairmanship of the Presidential Task Force on COVID-19 gave the assurance that the collection from stamp duty would be second to oil revenue, as it had the potential to yield up to a trillion Naira if properly harnessed.
The SGF directed all institutions of government and related stakeholders to support the Inter-Ministerial Committee on Audit and Recovery of Back Years Stamp Duties to enable it succeed on its assignment especially in the face of dwindling oil revenue, and the global shift away from oil dependent technological products.