FG, States, FIRS, and Others Will Share N3.8tn Stamp Duty Fund..

    “The allocation of the N3.8 trillion Stamp Duty Fund will be distributed as follows: the Federal Government will receive a continuous 14%, state governors will get 73% on an ongoing basis, the FIRS will receive 4% continuously, and others will receive a one-off payment of 9%.

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    The official documents outlining the disbursement of the stamp duty revenue state, “The total amount of N3,860,867,322,987.42 held by Party B from stamp duty collections will be distributed among the specified entities and individuals as follows: The federal government of Nigeria will receive 14% continuously, the Nigeria Governors’ Forum will receive 73% continuously, FIRS will receive 4% continuously, the coordinating Consultants will receive 5% as a one-time payment, the federal government Legal Team will receive 2% as a one-time payment, and others will receive 2% as a one-time payment.”

    In September 2021, the Attorneys-General of the 36 states of the federation took legal action against the then Attorney-General of the Federation and Minister of Justice, Abubakar Malami, for the federal government’s failure to remit stamp duty funds to state accounts. An out-of-court agreement was subsequently reached between the governors and former President Muhammadu Buhari, where the former president committed to paying the governors the outstanding funds, which amounted to trillions of naira.

    The governors have resolved to request that President Bola Tinubu to facilitate the release of these funds, which will be discussed in their upcoming meeting. The substantial amount involved is not in question, and the funds will ultimately be disbursed to the states, despite the delay.”

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