FG, states, FIRS, others set to share N3.8tn Stamp Duty money
Federal Government, states and the Federal Inland Revenue Service (FIRS), as well as other agencies, are set to share the total sum of N3.8 trillion from the Stamp Duty Fund.
While the Federal Government is expected to receive 14 per cent share of the funds; state governments will get 73 per cent, while the FIRS collects 4 per cent, just as other agencies will get a 9 per cent one-off payment.
“The sum of N3,860,867,322,987.42 in the custody of Party B accruing from Stamp Duty collections shall be disbursed in the following manner amongst the named entities and persons: The federal government of Nigeria – 14% continuously; the Nigeria Governors’ Forum – 73% continuously; FIRS – 4% continuously, the coordinating Consultants – 5% (one off)“The federal government Legal Team – 2% (One off); School of Banking Honours and Others – 2% (One off),” read the documents for the sharing of the stamp duty fund.
It would be recalled that the Attorneys-General of the 36 states of the federation had in September 2021, had dragged the then Attorney-General of the Federation and Minister of Justice, Abubakar Malami before the Supreme Court over the failure of the federal government to remit the funds generated from stamp duties into state accounts.
The governors and former President Muhammadu Buhari, reached an out-of-court agreement where the former president had made a commitment to pay the governors the unremitted funds, which run into trillions of naira.
The governors had resolved to ask President Bola Tinubu to pay the money.
“A lot of money, trillions of naira is involved. The Muhammadu Buhari administration had agreed that all the states would share it. It was almost paid before those governors left. It is just a delay because nobody can stop the payment.
“The authenticity of the money is not in doubt. States will eventually collect the money. The governors have resolved that the issue will come up in their next meeting in view of the issue of subsidy palliatives,” revealed a source.
