The Rivers State Government has agreed to an out-of-court settlement with the Federal Governmentnt on the backlog of stamp duty owed to the state. The approval for the state to withdraw the case was granted by the state House of Assembly during plenary on Thursday. This came as all 36 states of the federation are exploring out-of-court settlement over a case filed at the Supreme Court on the refund of funds collected as stamp duties from the state governments and the payment of five per cent consultancy fee. The Speaker of the Rivers State House of Assembly, Ikuinyi Awani-Ibani, on Thursday, read a letter from Governor Nyesom Wike seeking the approval of the House for the payment of the consultancy fee which will be deducted from source. The lawmakers said the approval for an out-of-court settlement would help to fast-track the refund of all funds collected as stamp duty.

Source: Punch April 21, 2023 15:21 UTC