lecturer with the National Open University of Nigeria, NOUN, Bauchi Study Centre, Professor Ahmed Sale Gidado said Nigeria lost over N4trillion as a result of non-compliance on stamp duty‎ in various sectors.
He stated this yesterday while speaking at the commemoration of the 2016 World Post Day at the Bauchi NIPOST office, saying that non-compliance to stamp duty by government and private establishments over the years contributed a lot to the massive loss of revenue accruable to the government.
“In the banking sector, government lost about N2 trillion to the same non implementation of the Stamp Duty Act in the last four years, “he said.‎
Professor Gidado explained that in the aviation‎ sector, about N5 billion had been lost or unaccounted for in the last four years due to the non-compliance.
“The transportation sector and ports authority are equally considered to be among the worst culprits in the stamp duty implementation default, as it was estimated that about N2 trillion had been lost in the last three years in this sector. All these are structured areas where government can easily track and route stamp duty revenue to the treasury,” he added.
Gidado, however, urged the federal government to reform and restructure NIPOST in order to help shore up its revenue base as well as provide employment opportunities to Nigerians through an effective Stamp Duty ‎Act implementation
In his remarks, NIPOST regional manager, Zoaka Habu Mohammed said that NIPOST was operating in a very competitive business‎ environment aided by globalisation and characterised by market liberalisation and emerging new technologies which calls for constant innovation to go with the system.
“Yet the post exists and has been able to make its mark in the sand of time. From sending and receiving of letters and parcels to transactions in financial instruments, the post has been able to touch the lives of all categories of people all over the world by taking advantage of new technologies and introduced the ICT into all aspects of our services,” he said.‎