A statement yesterday, Sunday, by the commission’s spokesperson, Ibrahim Mohammed, in Abuja, said that the probe would involve a forensic investigation of the funds that had so far been collected as stamp duty by Banks. The statement did not specify when the probe would commence and names of the banks involved
It said that the commercial banks have been deducting the sum of N50 on every deposit with a value of N1,000 and above since January 2000, adding: “at the moment, the total sum of N33 billion had been realized through the collection of stamp duties which falls far below the expectation of stakeholders.
“It is expected that at the end of the exercise, over N100 billion would be recovered,” he said.
The statement said that the commission had concluded arrangements to engage the services of reputable forensic audit firms to carry out the probe and that the probe would be comprehensive as it would cover the affixed stamp used on cheque books prior to the introduction of electronic transactions.
It said that if the Nigerian Postal Service (NIPOST) is properly repositioned through appropriate legal and regulatory framework, and the introduction of appropriate technology, the agency could generate over N500 billion.
“Therefore, the commission is using this medium to appeal to the National Assembly and the Federal Government to initiate measures for the amendment of the NIPOST Act to enable it to expand the economy and attract more revenue to the federation.”
The RMAFC said that it had also embarked on the reconciliation exercise of signature bonuses and other miscellaneous revenues from the oil and gas industry to enable the commission engage other stakeholders.
RMAFC was established to monitor accruals into and disbursement of revenue from the Federation Account, review from time to time, the revenue allocation formula and principles in operation to ensure conformity with changing realities. And it is the only constitutional body vested with the powers to monitor all revenue accruals into the Federation Account.