The Commissioner for Finance in Lagos, Rabiu Olowo, has been urged by the House of Assembly to recover 20 years stamp duty remittance estimated at N4.7 trillion from the federal government.
Making a presentation on the recovery to the House Committee on Finance, Professor Kola Adekoya, Rector and Project Consultant of School of Banking Honours, disclosed that Lagos, at a time, was granted N50 commission on every stamp duty transaction from N1000 upward.
Prof. Adekoya said inquiry revealed that the State had been cheated for four years of the agreement and shut out of stamp duty 20 years. He added that a case initiated by Governor ambode’s administration against the federal government on stamp duties had made recovery difficult.
On recovering the money, Prof. Adekoya asked the assembly to gazette the research team and direct the Attorney General of Lagos to withdraw the case in order to allow the State access the stamp duty percentage backed by the stamp duty act.
“The truth here is obvious that there is a lot of money outside uncaught by the financial net… Monies are being owed to Lagos State that needs to be recovered,” the Commissioner for Finance said
The Chairman of the House Committee on Finance, Hon. Rotimi Olowo, posited that “we need every money we can lay our hands on because the monies we borrowed are being repaid with interest while our money is out there which can transform Lagos to Dubai in two years.”
The committee instructed the commissioner to report to the house in 15 days.
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