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Lagos, NG
29th January 2023

RMAFC: FG to probe Banks over N100bn stamp duty non-remittance

RMAFC: FG to probe Banks over N100bn stamp duty non-remittance
RMAFC: FG to probe Banks over N100bn stamp duty non-remittance

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), says it will soon commence probe of banks over stamp duties collection as it expects to recover more than N100 billion from the probe.

A statement by Mr Ibrahim Mohammed, the commission’s spokesperson on Sunday in Abuja, however, did not specify when the probe would commence.

He, however, said the probe would involve a forensic investigation of the funds that had so far been collected as stamp duty by 22 Deposit Money Banks (DMB) from 2000 to 2018.

According to him, RMAFC is the only constitutional body vested with the powers to monitor all revenue accruals into the Federation Account.

“To this end, the commercial banks had been deducting the sum of N50 on every deposit with a value of N1,000 and above since January 2000.

“At the moment, the total sum of N33 billion had been realised through the collection of stamp duties which falls far below the expectation of stakeholders.

“It is expected that at the end of the exercise, over N100 billion would be recovered,” he said.

Mohammed added that the commission had concluded arrangements to engage the services of reputable forensic audit firms to carry out the probe.

He said that the probe would be comprehensive as it would cover the affixed stamp used on cheque books prior to the introduction of electronic transactions.

He also said that if the Nigerian Postal Service (NIPOST), was properly repositioned through appropriate legal and regulatory framework, and the introduction of appropriate technology, the agency could generate over N500 billion.

“Therefore, the commission is using this medium to appeal to the National Assembly and the Federal Government to initiate measures for the amendment of the NIPOST Act to enable it to expand the economy and attract more revenue to the federation,” he said.

Mohammed said that in a similar development, RMAFC had also embarked on the reconciliation exercise of signature bonuses and other miscellaneous revenues from the oil and gas industry to enable the commission engage other stakeholders.

This, he said, was with a view to reducing revenue leakages and enhance remittance into the federation account.

He added that the commission, therefore, seeks the support of stakeholders, especially the Department of Petroleum Resources (DPR), the Federal Inland Revenue Services (FIRS) and the Central Bank of Nigeria (CBN) to enable it succeed in the exercise.

RMAFC was established to monitor accruals into and disbursement of revenue from the Federation Account, review from time to time, the revenue allocation formula and principles in operation to ensure conformity with changing realities.

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