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Thursday, 15 March 2018

Reps order probe into N20trn unremitted stamp duties

Reps order probe into N20trn unremitted stamp duties

The House of Representatives has ordered an investigation into the N20tn said to have been collected as stamp duty between April 2013 and March 2017, but which was not remitted to the Consolidated Revenue Fund of the Federation.

The House said the money was held by the receiving banks, which had failed to remit it through the Nigeria Inter-Bank Settlement System.

Lawmakers said with N20tn, the Federal Government did not need to resort to borrowing to fund the country’s annual budgets.

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“The Federal Government of Nigeria could not fund capital projects from 2015 to date by 100 per cent due to negligence by some government agencies to live up to their expectations in terms of revenue generation and subsequent remittances to government coffers.

“The government had to resort to foreign borrowing with high interest rates to fund the capital budget, leaving so much money lying fallow with NIBSS, banks and other financial institutions,” the resolution stated.

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