FG says stamp duty collection can generate N1 trillion annually

FG says stamp duty collection can generate N1 trillion annually

- The secretary to the government of the federation (SGF), Boss Mustapha, has said stamp duty collection has the potential to generate huge sums of money annually

- Mustapha reportedly made the statement on Tuesday, June 30, at the inauguration of the inter-ministerial committee on audit and recovery of stamp duty

- The SGF said the government needs to look inwards and use every available means to shore up its revenue

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The secretary to the government of the federation (SGF), Boss Mustapha, has said stamp duty collection could generate as high as N1 trillion annually.

Mustapha reportedly made the statement on Tuesday, June 30, at the inauguration of the inter-ministerial committee on audit and recovery of stamp duty.

FG says stamp duty collection can generate N1trn revenue annually

Mustapha disclosed that stamp duty collection could generate revenue close to crude oil earnings. Photo credits: Vanguard
Source: UGC

According to The Cable, he said stamp duty collection such that it would only be second to crude oil earnings.

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Mustapha explained that the stamp duty collection which has been neglected for more than 20 years was activated by the current administration to widen the revenue base.

He said the government needs to look inwards to use every available means to shore up its revenue-generating capacity in order to achieve meaningful development.

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Meanwhile, Former Vice President Alhaji Atiku Abubakar has advised the federal government to immediately put in place measures to protect the economic well being of Nigeria and its people as coronavirus ravages the world.

Atiku, in a statement released to the media on Tuesday, March 17, stated that deliberate steps should be taken to ease the cost of doing business in Nigeria and reduce the cost of living.

He recommended that policies like the stamp duty on all types of accounts be temporarily suspended. Atiku also recommended the reduction of petrol to reflect the current prevailing market costs.

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In addition, he urged the government to request large scale industrialists and employers of labour not to disengage workers.

In another report, the Senate president, Ahmad Lawan, has denied the media reports that the ministry of humanitarian affairs and disaster management, had allocated N-Power recruitment slots to him and other lawmakers.

The Nation reports that the special adviser (media), to the Senate president, Ola Awoniyi, made the denial in a statement, in Abuja on Saturday, June 27.

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