Stamp Duties – Overview and Matters Arising

Overview

The Stamp Duty Act (the “Act”) is one of the oldest Acts in Nigeria and has since been in existence one might say on a “lowkey”. It has been unexploited for a while, until the sudden realisation or awakening by the Nigerian government on the importance of tapping into that revenue to increase its income stream. As we all might be aware that the sudden awakening of the Nigerian government simply rose from the plunge in oil prices as such, Nigeria’s budget could no longer be funded wholly with oil revenues.

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