The Nigerian House of Representatives is to investigate alleged non-remittance of trillion of Naira of Stamp Duty to the federation account.
This was to improve the country’s revenue generation base as well as complement efforts towards reducing annual budget deficit in the country.
The decision was contained in a motion adopted at the plenary on the need to investigate the matter.
Sponsor of the motion, Goni Bukar Lawan from Yobe State said the unremitted money would have been used to provide infrastructure and finance economic development in the country.
He raised the alarm that “the complicit irregularity by which public institutions have overtime failed to remit stamp duty taxes into the federation account running into trillions.
These would have been used to pay salaries, provide infrastructure and financing economic development in the country or at least should have generated some interest in the private where the fund is domiciled in the commercial banks.”
While expressing concern over what it described as complicit irregularity, the House agreed to set up an adhoc committee to investigate the matter and proffer a workable solution to it.
Source: VON
