House Of Reps Orders Probe Into N20trn Unremitted Stamp Duties

The House of Representatives has ordered an investigation into the N20tn which was said to have been collected as stamp duty between April 2013 and March 2017, but was not sent to the Consolidated Revenue Fund of the Federation. The House said the money was held by the receiving bank, which failed to send it through the Nigeria Inter-Bank Settlement System. Law builders with N20tn said the Federal Government does not have to borrow to fund the country's annual budget. "The Federal Government of Nigeria can not fund capital projects from 2015 until now by 100 percent because of the negligence of some government agencies to live up to their expectations in terms of generating revenue and subsequently government remittances. "The government must pay foreign borrowing with high interest rates to fund the capital budget, leaving the excess money that resides in NIBSS, banks and other financial institutions," the resolution stated.






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