The Nigerian government intends to generate around N1 trillion from stamp duties collection every year as a buffer against dwindling oil money, which accounts for nearly 65 per cent of its revenue.
It revealed this ambition on Tuesday during the initiation of the Inter-Ministerial Committee on Audit and Recovery of Back Years Stamp Duties in Abuja.
The body has a duty to recover an accumulated heap of unremitted revenues from stamp duties over the past five years.
Boss Mustapha, the Secretary to the Government of the Federation, who represented President Muhammadu Buhari at the event, stated that hopes were high that stamp duties collection would be second only to oil revenue among the nation’s fiscal sources.
According to him, it is imperative to secure the future of the country given the global slump in oil revenue and the gradual drift from oil-reliant technological products.
“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,” Mr Mustapha said.
He added that had reiterated from time to time the significance of blocking all loopholes in income generation, curb wastage and minimise revenue loss.
“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 N5 trillion.”
Mustapha affirmed that government must explore all options in boosting its revenue-generating capacity, saying the president had ordered all governmental bodies and stakeholders to back the committee in its tasks.
Join the conversation
INVESTIGATION… Ten years after, communities count losses as AfDB, Cross River govt abandon road project
Ten years after the Cross River State government and African Development Bank (AFDB) jointly awarded the Yahe-Wanokom-Wanikade-Benue border road for...
INVESTIGATION….N.3bn down the drain: Why water projects for Enugu communities don’t work
In this concluding part, ARINZE CHIJIOKE talks about some of the projects that are serving the people and how various WASH programmes have failed to tackle...
INVESTIGATION…PARKVIEW ESTATE: Exclusive images of how billionaire property developer incurred Lagos govt‘s anger
Many have seen the demolished building, but not many know the circumstances that led to the teardown of the about...
INVESTIGATION… N.3bn down the drain, as Enugu communities suffer from dry taps
In November 2020, three organizations and the Enugu State government celebrated the completion of N300 million worth of projects that were expected...
INVESTIGATION… How herdsmen crisis compounds woes of already deprived Ogun communities
Earlier in January, the Nigerian media space was awash with reports of violence between herders and farmers across the country....