Cost of cars, food items to rise as Nigerian Ports Authority introduces Stamp Duty

The Nigerian Ports Authority (NPA) and Tucks Transit Parks (TTP) have made it mandatory for truck drivers to pay a N50.00 stamp duty for every N1,000 receipts they receive.

According to a notice issued by TTP to all stakeholders, NPA instructed TTP to start implementing the directive of adding a N50.00 stamp on all receipts worth N1,000.00 and above.

This directive stems from a policy by the Federal Ministry of Finance, which was introduced about two years ago and applies to all Government Departments and Agencies.

The circular from the Finance Ministry, dated April 19, 2021, stated that all receipts of N1,000.00 and above should be stamped with a N50.00 Stamp produced by the Nigerian Postal Service (NIPOST).

Following discussions between NPA and NIPOST about the circular, NPA has directed Trucks Transit Parks Limited (TTP) to begin implementing the circular by adding a N50.00 denotation on receipts worth N1,000.00 and above.

This directive has important implications for those doing business with TTP in the port environment. Starting September 1, 2023, all bookings made on the eTo platform will now include an additional mandatory charge of N50.00.

This notice informs all stakeholders that TTP will comply with the NPA’s directive and implement the new charge on the specified effective date.