FG targets N1tn revenue annually from stamp duties

The Federal Government is looking generate an annual revenue of N1tn from the collection of stamp duties.

It disclosed this on Tuesday at the inauguration of the Inter-Ministerial Committee on Audit and Recovery of Back Years Stamp Duties in Abuja.

It said the committee was part of moves to recover a backlog of unremitted revenues accruing to it through stamp duty tax in the last five years.

The Secretary to the Government of the Federation, Boss Mustapha, who represented the President, Major General Muhammadu Buhari (retd.), noted that there was assurance that the collection from stamp duties would be second to oil revenue.

He explained that in the face of dwindling oil revenue and the global shift from oil-dependent technological products, it was more compelling to begin to think about how to safeguard the future of the country.

He said, “Therefore, this administration has resolved to widen the revenue base by activating the stamp duty revenue collection which has been neglected for more than 20 years.

“There is assurance that the collection from stamp duty will be second to oil revenue, as it has the potential to yield up to a trillion-naira revenue annually if properly harnessed.”

Mustapha said the government had consistently emphasised the need for the tightening of all areas of leakages, wastage and revenue losses.

“This has become more important now that the projected revenue realisable from all sources available to the government as per our 2020 budget estimates is far lower than the projected expenses leading to a budget deficit of over N5tn,” he stated.

He said the government had to look inwards to use every available means to shore up its revenue-generating capacity.

The SGF said consequently, the President had directed that all institutions of government and related stakeholders should support the new committee to enable it to succeed in its assignment.