STAMP DUTY FUND DISTRIBUTION

"The ₦3.8tn Stamp Duty Fund will be distributed as follows: the federal government will receive 14%, state governors will get 73%, the FIRS will receive 4%, and others will receive a one-off payment of 9%. The distribution plan is outlined in documents stating that the funds accrued from Stamp Duty collections, totaling ₦3,860,867,322,987.42, will be disbursed continuously to these entities. Additionally, coordinating consultants will receive 5% as a one-off payment, the federal government Legal Team will receive 2% as a one-off payment, and the School of Banking Honors and Others will also receive 2% as a one-off payment."

"In September 2021, the Attorneys-General of the 36 states took the then Attorney-General of the Federation and Minister of Justice, Abubakar Malami, to the Supreme Court over the federal government's failure to remit stamp duty funds to state accounts. An out-of-court agreement was reached between the governors and former President Muhammadu Buhari, where the former president committed to paying the unremitted funds, amounting to trillions of naira, to the governors. The governors intend to request President Bola Tinubu to fulfill this commitment in their upcoming meeting, as the authenticity of the funds is unquestionable."