We generate ₦3bn weekly from stamp duty collection ― FIRS

The Federal Inland Revenue Service (FIRS) says it has been generating N3 billion revenue weekly from stamp duty collection.

This stamp duty revenue is generated weekly from May 2020 to date from Deposit Money Banks (DMBs).

Executive Chairman of the FIRS, Muhammad Nami, told the House of Representatives Committee on Finance, on Tuesday, in Abuja.

The purpose of the meeting with the legislators was to resolve the face-off between the FIRS and the Nigeria Postal Service (NIPOST) over stamp duty collection, and the fate of the N58 billion revenue generated from February 2016 to April 2020.

The Session which was chaired by the Chairman Finance Committee of the House of Representatives, James Abiodun Faleke included other members of the committee Post- Master General of the Federation, Dr Ismail Adebanjo Adewusi, NIPOST board Chairman Barr. Maimuna Yaya Abubarkar and other top officials of the postal agency and FIRS officials.

Nami said the FIRS was able to generate this much revenue from a single stream of stamp duty collection from DMBs because the Service had deployed a new technology to track and capture such revenue straight into the federation account.

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The technology deployed by the FIRS Nami said is the Application Programming Interface (API) technology solution, an – online real-time technology that makes the collection of Stamp Duties easier.

Nami said when he assumed office in December 2019, the FIRS discovered over N30 billion in the NIPOST Stamp duty Account with the Central Bank of Nigeria (CBN). The account was opened in 2016 specifically to warehouse revenue from stamp duty collection.

However, by April 2020, the balance in the account had grown to N58 billion because of the deployment of the API by the FIRS. Money in the stamp duty account by May 2020 was transferred to the federation account following instructions given to the CBN by the FIRS to do so.

Since then, both the FIRS and the NIPOST have been at daggers drawn over who controls stamp duty collection and invariably the money which accrues from the collection.

NIGERIAN TRIBUNE

FIRS generates ₦3bn weekly

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FIRS generates ₦3bn weekly