A total of N66 billion has been generated as stamp duty revenue by the Federal Government between January and June 2020. The Chairman of the Federal Inland Revenue Services, Muhammad Nami, disclosed this during the inauguration of the inter-ministerial committee on audit and recovery of back years stamp duties.
Mr Nami while giving a breakdown of the revenue added that the Finance Act has mandated the revenue agency as the sole body to receive stamp duties for the country.
“We have collected and remitted from money deposit banks in this year alone, a total of N20 billion. From Stamp Duties Revenue from stamping of instruments at CAC, we have realised about 7.9 billion.
The amount now remitted as at the point I was appointed, stood at 39 billion. So, total stamp duty remitted, into federation account from January 2020 to June (as at yesterday) stood at N66 billion,” he said.