FIRS generates N66bn from stamp duties in 5 months

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The Federal Inland Revenue Service (FIRS) has generated the sum of N66 billion from stamp duties between January and May.

Mr Abdullahi Ahmad, the FIRS Director, Communications and Liaison Department made this known in a statement in Abuja on Tuesday.

Ahmad said the Executive Chairman of FIRS, Muhammad Nami, disclosed this at the inauguration of the Inter-Ministerial Committee on Audit and Recovery of Back Years Stamp Duties and the unveiling of the FIRS Adhesive Stamp in Abuja.

Nami said the money realised in the first five months of the year from stamp duties represented about 1,000 per cent increase.

He stated that the increment was unprecedented when compared to six billion naira collected from January to May 2019.

The FIRS boss attributed this increase to the dynamism triggered by Finance Act 2019, sums warehoused by the CBN in respect of prior years and the deployment of technology as well as stakeholders’ collaboration.

“The introduction of the FIRS Stamp Duties Adhesive Stamp will, among other things, plug the revenue sink-hole, enable proper accountability and transparency, simplify administration of Stamp Duties and reduce disputes”.

The statement disclosed the Secretary to the Government of the Federation (SGF), Mr Boss Mustapha, gave the assurance that the collection from stamp duty would be second to oil revenue, as it had the potential to yield up to a trillion Naira if properly harnessed.

Mustapha also directed that all institutions of government and related stakeholders should support the Inter-Ministerial Committee on Audit and Recovery of Back Years Stamp Duties to enable it succeed on its assignment.

‘In the face of dwindling oil revenue, and the global shift away from oil dependent technological products, it is even more compelling now to begin to think out of the box in order to safeguard the future of our country.

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

“I hereby also direct and request that all relevant MDAs, particularly the Central Bank of Nigeria, NIBBS, MDBs, FIRS, NIPOST should give maximum cooperation to the Committee in the discharge of its mandate.” Mustapha said.

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575 Comments

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  • Onyebuchi Nwewe June 30, 2020 11:59:00 PM
    Hmmm this is ahuge amount of money. Let it be used properly.
  • Abbas Mahmud June 30, 2020 11:58:17 PM
    Firs are trying for the government with this money being generated
  • Fiberesima Fortune June 30, 2020 11:56:47 PM
    That is quite a huge sum of money but its should be use wisely
  • Vivian Chidi June 30, 2020 11:54:44 PM
    Is that why they have been debitting my act
  • EMIATOR EZEKIEL June 30, 2020 11:52:22 PM
    This is exactly how businesses should be encouraged.
  • Moses Emmanuel June 30, 2020 11:51:56 PM
    If government can generate such amount of money fromStamp duty, tell me how banks will generate from their customers in a month ? And yet they are retrenching workers. Too bad
  • Afolashade Akinhanmi June 30, 2020 11:51:31 PM
    That is a huge sum of amount generate from stamp duties
  • Agwa Victor June 30, 2020 11:51:08 PM
    Thanks for the information @candynews
  • Perela Emmanuel June 30, 2020 11:48:52 PM
    Wow that's quite a large sum of money
  • Elizabeth Ferdinand June 30, 2020 11:48:38 PM
    That is quite a huge sum of money but its should be use wisely
  • Uwakima Ikoedem June 30, 2020 11:47:16 PM
    Wow...firs made this huge amount of money in 5months....kudos to them and they should keep it up
  • GRACE EKPO June 30, 2020 11:45:14 PM
    That is quite a huge sum of money but its should be use wisely
  • Omasheye Grace June 30, 2020 11:43:05 PM
    Nami said the money realised in the first five months of the year from stamp duties represented about 1,000 per cent increase
  • Wisdom Jumbo June 30, 2020 11:42:50 PM
    This is exactly how businesses should be encouraged.
  • Michael Stanley June 30, 2020 11:42:07 PM
    This is a great news for the country even at a critical time as these
  • Ciza Léonce June 30, 2020 11:41:47 PM
    Kudoz to FIRS that genei that kind of money with in 5mongh ,infact they trying their should keep up
  • Sunday Gabriel June 30, 2020 11:41:30 PM
    Wow...firs made this huge amount of money in 5months....kudos to them and they should keep it up
  • Zulkanaini Abdulazeez June 30, 2020 11:39:51 PM
    Wow...firs made this huge amount of money in 5months....kudos to them and they should keep it up
  • Maxwell Ezekiel June 30, 2020 11:38:36 PM
    thanks candy news for the information
  • Odunayo Koiki June 30, 2020 11:36:25 PM
    Kudoz to FIRS that genei that kind of money with in 5mongh ,infact they trying their should keep up
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