June 23, 2018

Senate probes alleged N20trn unremitted stamp duty revenue (Vanguard)

Senate probes alleged N20trn unremitted stamp duty revenue  (Vanguard)
The Senate has begun a probe into alleged N20 trillion unremitted stamp duties revenue in the last five years.

It also said over N7 trillion in stamp duties revenue from electronic cashless transactions had remained unpaid to the federation since 2015. Consequently, the Senate, yesterday, mandated its Committees on Finance and Banking, Insurance and other Financial Institutions to urgently carry out a holistic investigation into the matter and report back at plenary within eight weeks.
While hailing the tenacity and fortitude of the School of Banking Honours for bringing the issue of unremitted stamp duties revenue to public notice, and for insisting on probity of the Nigerian Inter-Bank Settlement System, the Senate, however, stressed the need for fair and equitable distribution of federal health facilities in all six geo-political zones of the country in response to several demands.
The resolutions of the Senate were sequel to a motion by Senator John Owan Enoh (APC, Cross River Central), entitled: “Urgent need to investigate allegations of Unremitted Stamp Duty Revenue running into trillions of naira.” The motion was co-sponsored by Senators Umaru I. Kurfi (APC, Katsina Central); Bayero Usman Nafada (APC, Gombe North); Joshua Dariye Chibi (APC, Plateau Central); Hope Uzodinma (PDP, Imo West) and Yahaya A. Abdullahi (APC, Kebbi North). Read more

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