In furtherance to its economic diversification blueprint, the Federal Government said it is eyeing a possible N1 trillion revenues from stamp duty collection.
Consequently, it has inaugurated an Inter-Ministerial Committee on Audit and Recovery of Back Years Stamp Duties and the Launch of the Federal Inland Revenue Service (FIRS) Adhesive Stamp.
Speaking at the inauguration themed ‘Stamp Duties Act: Repositioning Nigeria Towards Greater Revenue Mobilisation’ the Secretary to the Government of the Federation, Mr Boss Mustapha, said the committee was expected to judiciously undertake an audit and recovery of stamp duties charged from January 2016 to date that are yet to be remitted to the government by relevant Ministries, Departments and Agencies (MDAs), Deposit Money Banks (DMBs) and Nigerian Inter-Bank Settlement Statement Plc (NIBSS) on behalf of the Federal Government.
According to him, the Buhari administration has consistently emphasized the need for the tightening of all areas of leakages, wastages and revenue losses, as it has become more important now that the projected realiseable revenue from all sources available to the government assistance per the 2020 budget estimates is far lower than the projected expenses, leading to a budget deficit of N5 trillion.
“The government has recognised the fact that for meaningful development to be achieved, it has to look inwards to use every available means to shore up its revenue generating capacity. It’s time to think outside the box in the face of dwindling oil revenue.