Senate Probes NNPC’s Alleged Failure To Remit 10-Year Stamp Duty

Senate probes NNPC’s alleged failure to remit 10-year stamp duty
Lawan, Senate President

The Senate has launched a large-scale probe into the alleged non-remittance of the one per cent stamp duty on contracts awarded by the Nigerian National Petroleum Corporation from 2010 to 2020.

The Committee on Finance, which is currently probing the internally revenue generation of all the ministries, departments and agencies of government, has therefore summoned the management of the NNPC to appear before it on Tuesday.

A source in the panel, who confirmed the development to our correspondent on condition of anonymity on Sunday, said the decision was taken following the inability of the NNPC to present convincing evidence of stamp duty remittances to the federation account since 2010.

The source said the decision was actually taken at the last sitting of the finance panel when the Chairman, Senator Solomon Adeola, expressed displeasure over the development.

Adeola had told the NNPC Chief Financial Officer, Umar Ajiya, who represented the management at the session, that the committee was not satisfied with the corporation’s submission on the one per cent stamp duty remittances.

Ajiya, however, pleaded with the panel to give him time to make fresh submission on the stamp duty remittances to the panel.

Adeola, therefore, requested details of the total revenue that accrued to the NNPC on stamp duty deduction from 2010 till 2020, including the corresponding expenditure.

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