The House of Representatives is expected to hold a public hearing on a bill seeking to amend the Stamp Duty Act, 2004 on Wednesday.

The Act provides for the fixing of 50 Naira postal stamp on every legal document for business transactions across the country.

Although the law had been existing for a long time, it became controversial in 2016 when the Central Bank of Nigeria and the Nigerian Postal Service decided to interpret it broadly and directed deposit money banks to deduct 50 Naira on every deposit into a current account that has a value of at least 1,000 Naira in a bid to shore up government revenue.

The new bill seeks to expand the scope of the Stamp Duty Act, 2004 and increase the capacity of the Federal Government to make money through the collection of stamp duties.