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Muhammad Nami: Nigeria Not Generating Enough Revenue From Stamp Duty - Politics - Nairaland

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Muhammad Nami: Nigeria Not Generating Enough Revenue From Stamp Duty by BeeBeeOoh(m): 8:24pm On Oct 14
The Executive Chairman of the Federal Inland Revenue Service, Muhammad Nami, has decried the inefficiencies in the current stamp duty and capital gain tax collection system.

According to him, these inefficiencies have led to poor revenue generation from these taxes.

Nami disclosed this at the opening ceremony of the 2021 tax week of the Chartered Institute of Taxation of Nigeria, in Abuja on Thursday.

The theme of the tax week for this year is, “Efficient Tax Administration as a Panacea for Increased Revenue Generation”

He said the theme was apt as it reflected the current efforts of the governments at all levels to increase revenue generation and reduce debt financing.

The FIRS boss added that the government’s efforts to boost revenue are currently hindered by insecurity, high exchange rate and the effects of COVID-19.

Nami added, “The Federal Government needs money to provide more critical infrastructure, maintain existing ones and provide medical and educational facilities to the teaming youth and by extension reduce unemployment.

“I believe that this occasion will generate new ideas, innovations and strategies for enhancing revenue collection by the Federal and State governments through their various Revenue Authorities.

“Looking at the topics for paper presentation, discussions will centre on Stamp Duty and Capital Gains Tax. These taxes are currently not being adequately collected and it is my sincere hope that discussions here will generate the much needed drive for efficient administration of these taxes and ultimately increase revenue generation by both the state and federal governments.”

On his part, the Accountant General of the Federation, Ahmed Idris, who was represented by Salawu Zubair, stated that there was a need for the country to spend more on critical infrastructure.

“What is clear is that we need for revenue, the challenge we have is not that our budget is big. The DG budget has also reiterated this, he said that what is required is for us to spend more, considering the infrastructural deficit that we have.

“That is why the Minister of Finance has always mentioned that the challenge we have in the country is a revenue challenge,” he said.

He added that the Office of the Accountant-General of the Federation remains committed to the implementation of public financial reforms that are meant to deepen transparency, efficiency and accountability, in the use of public resources for the common good of Nigerians.

https://punchng.com/nigeria-not-generating-enough-revenue-from-stamp-duty-firs/

Lalasticlala, Mynd44

Re: Muhammad Nami: Nigeria Not Generating Enough Revenue From Stamp Duty by PCSI: 8:25pm On Oct 14
But the little dey generate.... they still loot it

Meanwhile some payd agents on dis forum would still come and defend them on top 30k stipends....

47 Likes 4 Shares

Re: Muhammad Nami: Nigeria Not Generating Enough Revenue From Stamp Duty by Kingpin1000: 9:24pm On Oct 14
After this VAT battle has been won be the states, the true VAT given by states will be revealed.
We all know the figures given to the southern states are hoax. We know what the southern states contribute is far more than what is published, reason why the south south and south west want VAT. The south east masses also want VAT but their leaders don't want it. We know why FIRS job is like hot cake. We the south don't benefit much so let us chop this money in our own state. At least if my I no see FIRS job, somebody wey from my state go see the job.
I cannot be paying for my Beer and one aboki man will be collecting juicy allocation from my tax while he keeps his own.

42 Likes 2 Shares

Re: Muhammad Nami: Nigeria Not Generating Enough Revenue From Stamp Duty by SarkinYarki: 10:03pm On Oct 14
You have been taking stamp duty from all my bank account steady for 6 years and you say it's not enough? Why don't you tell us how much has been generated from that thieving activity so far and what it has been used for

62 Likes 5 Shares

Re: Muhammad Nami: Nigeria Not Generating Enough Revenue From Stamp Duty by SarkinYarki: 10:03pm On Oct 14
PCSI:
But the little dey generate.... they still loot it

Meanwhile some payd agents on dis forum would still come and defend them on top 30k stipends....


Trust me it's not even little

23 Likes

Re: Muhammad Nami: Nigeria Not Generating Enough Revenue From Stamp Duty by NwaNimo1(m): 10:05pm On Oct 14

1 Like

Re: Muhammad Nami: Nigeria Not Generating Enough Revenue From Stamp Duty by Sonnobax15(m): 5:00am On Oct 15
lipsrsealed
Re: Muhammad Nami: Nigeria Not Generating Enough Revenue From Stamp Duty by grandstar(m): 5:02am On Oct 15
Okay.

1 Like

Re: Muhammad Nami: Nigeria Not Generating Enough Revenue From Stamp Duty by iamyemiakins(m): 5:02am On Oct 15
Make FG no sha go increase stamp duty charges, because their blood dey hot now

1 Like

Re: Muhammad Nami: Nigeria Not Generating Enough Revenue From Stamp Duty by englishmart(m): 5:02am On Oct 15
The ones you've been generating, of what help has it been to the masses?

8 Likes

Re: Muhammad Nami: Nigeria Not Generating Enough Revenue From Stamp Duty by Blackfire(m): 5:03am On Oct 15
We the youths are solidly behind our darling president



North2023
Re: Muhammad Nami: Nigeria Not Generating Enough Revenue From Stamp Duty by nony43(m): 5:03am On Oct 15
Na Ogun kill you there. Kuku kill us.

2 Likes

Re: Muhammad Nami: Nigeria Not Generating Enough Revenue From Stamp Duty by SouthWestBlood(m): 5:04am On Oct 15
Ok, increase it to 1k naira then. Obviously, nothing can be enough for you incompetent and corrupt buffoons.

5 Likes

Re: Muhammad Nami: Nigeria Not Generating Enough Revenue From Stamp Duty by MaestroID(m): 5:04am On Oct 15
Who do Us this lind thing...
Little you say, Na that same little you go steal, steal for your family, and you say its not enough.

Very soon we will be charged for sending our kids to get education, We will be charged for leaving our homes for work, them go even charge us for voting useless and incompetent leaders. And still loot the small CHARGES.


WEREY THEY DISGUISE

5 Likes

Re: Muhammad Nami: Nigeria Not Generating Enough Revenue From Stamp Duty by paskal16: 5:06am On Oct 15
FIRS you dey craze

5 Likes

Re: Muhammad Nami: Nigeria Not Generating Enough Revenue From Stamp Duty by sammirano3: 5:07am On Oct 15
grin
Re: Muhammad Nami: Nigeria Not Generating Enough Revenue From Stamp Duty by Rewawriters01: 5:07am On Oct 15
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Even if we get the job, we are being underpaid.

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2 Likes 1 Share

Re: Muhammad Nami: Nigeria Not Generating Enough Revenue From Stamp Duty by Ladycewhy(f): 5:07am On Oct 15
That's a big lie. It's much,they are just playing on the intelligence of Nigerians to make it look like what they steal from your bank accounts isn't worth anything to them.

If you are staying outside Nigeria at the moment ,you don't know what God has done for you.honestly.

11 Likes

Re: Muhammad Nami: Nigeria Not Generating Enough Revenue From Stamp Duty by benuejosh(m): 5:11am On Oct 15
PCSI:
But the little dey generate.... they still loot it

Meanwhile some payd agents on dis forum would still come and defend them on top 30k stipends....

does this administration look like that of PDP that even stole the money they raised to build their own house? The national Secretariat of the party. N11.5billion. The administration of President has shown that this has been the most corrupt free administration in the country since the return of democracy as we all know.
Re: Muhammad Nami: Nigeria Not Generating Enough Revenue From Stamp Duty by omoadeleye(m): 5:11am On Oct 15
Ok, try and increase the percentage to 90%
Re: Muhammad Nami: Nigeria Not Generating Enough Revenue From Stamp Duty by mu2sa2: 5:14am On Oct 15
Kingpin1000:
After this VAT battle has been won be the states, the true VAT given by states will be revealed.
We all know the figures given to the southern states are hoax. We know what the southern states contribute is far more than what is published, reason why the south south and south west want VAT. The south east masses also want VAT but their leaders don't want it. We know why FIRS job is like hot cake. We the south don't benefit much so let us chop this money in our own state. At least if my I no see FIRS job, somebody wey from my state go see the job.
I cannot be paying for my Beer and one aboki man will be collecting juicy allocation from my tax while he keeps his own.
You guys are obsessed with alcohol. Every time tax is mentioned you bring in beer. If the gentlemen and ladies you call aboki say they are not touching alcohol even with a long stick, why should that be your headache. Leave them alone as you drink away your life.
Re: Muhammad Nami: Nigeria Not Generating Enough Revenue From Stamp Duty by money121(m): 5:15am On Oct 15
Yimj
Re: Muhammad Nami: Nigeria Not Generating Enough Revenue From Stamp Duty by chiedu7: 5:17am On Oct 15
They mean the North with their miraculous numbers are not generating enough

1 Like

Re: Muhammad Nami: Nigeria Not Generating Enough Revenue From Stamp Duty by Racoon(m): 5:19am On Oct 15
Barawo!

1 Like

Re: Muhammad Nami: Nigeria Not Generating Enough Revenue From Stamp Duty by ALABACONNECT(m): 5:21am On Oct 15
How!!! angry
Re: Muhammad Nami: Nigeria Not Generating Enough Revenue From Stamp Duty by jcross19: 5:41am On Oct 15
BeeBeeOoh:


https://punchng.com/nigeria-not-generating-enough-revenue-from-stamp-duty-firs/

the only thing APC knows about is taxing taxing taxing..... This is truly the change...
Re: Muhammad Nami: Nigeria Not Generating Enough Revenue From Stamp Duty by Mendy101: 5:45am On Oct 15
Not our business, you collect 50 naira from us multiple times a day and it’s not enough? What do they do with the little money, they think tax is the only way to generate income smh
Re: Muhammad Nami: Nigeria Not Generating Enough Revenue From Stamp Duty by nairavsdollars(f): 5:46am On Oct 15
Ok increase it from N50 to 1k
Re: Muhammad Nami: Nigeria Not Generating Enough Revenue From Stamp Duty by PotatoSalad(m): 5:50am On Oct 15
Reduce cost of governance, but no. They won't.
If you wonder why the people that said they have the masses at heart will fight for that seat, you'll realize that it's lucrative af.

If we can reduce cost of governance, none of these fat fools will have reason to contest.

4 Likes

Re: Muhammad Nami: Nigeria Not Generating Enough Revenue From Stamp Duty by Rhozabeth(m): 5:56am On Oct 15
How will u generate enough? When states don collect VAT from Una hand! And quite frankly, the FIRS have never disclosed the true Value of VAT they collect from states, these guys pocket most of these monies, that's why u see their staffs living large beyond their means! Quote me anywhere!

1 Like

Re: Muhammad Nami: Nigeria Not Generating Enough Revenue From Stamp Duty by Dricker: 6:08am On Oct 15
Blackfire:
We the youths are solidly behind our darling president



North2023
Talk tru na first time wey u dy sub be dis

1 Like

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