The Executive Chairman, Federal Inland Revenue Service (FIRS), Mr. Muhammad Nami, Tuesday disclosed that it currently generates N3 billion weekly from stamp duty collection.


He said the revenue had been generated weekly from May 2020 till date from Deposit Money Banks (DMBs).

The FIRS boss spoke when he appeared before the House of Representatives Committee on Finance to resolve the face-off between the FIRS and the Nigeria Postal Service (NIPOST) over stamp duty collection, and the fate of the N58 billion revenue generated from February 2016 to April 2020.

Nami said the FIRS was able to generate such a huge amount of revenue from a single stream of stamp duty collection from DMBs because the service had deployed a new technology to track and capture such revenue straight into the federation account.

He explained that the Application Programming Interface (API) technology solution, which is an online real time technology, makes collection of stamp duties easier.

He said since his assumption of office in December 2019, the FIRS had discovered over N30 billion in the NIPOST Stamp duty account with the Central Bank of Nigeria (CBN), adding that the account was opened in 2016 specifically to warehouse revenue from stamp duty collection.

So why are we still borrowing? This Country's case is the more you look, the less you see.

Lol......why are they telling us this when they know they are not going to use the Money for our benefit? If they are going to steal, they can do that without rubbing it on our faces

And naija still wan go borrow money again abi?
Ndị ala ndị ala

3 billion naira every single week!!

Money de this country abeg

Phucking lying bast.ards .

Na money be that o. To think that that Alexis Sanchez earns more than tha t every week ehn

So where's the money