The Senate has launched an investigation into the generation and utilization of stamp duty revenue across the country, a move lawmakers say is aimed at enhancing fiscal transparency and curbing revenue leakages.
Speaking at a media briefing, the Chairman of the Senate Public Accounts Committee, Senator Aliyu Wadada, said the inquiry seeks to determine how funds accrued from stamp duties have been collected, managed, and disbursed over the years.
According to Wadada, the probe aligns with the Senate’s broader commitment to accountability and ensuring that public funds are used for the welfare of Nigerians.
“We are determined to ensure that the resources generated through stamp duties are being used transparently and for the benefit of the people,” he said. “Our goal is to identify areas where revenue may be leaking and ensure these funds are redirected toward public services and infrastructure.”
The investigation will focus on stamp duty revenues from agreements involving government entities, individuals, and businesses, examining both the collection process and utilization of proceeds.
As part of the process, the committee has written to key stakeholders — including commercial banks, the Federal Inland Revenue Service (FIRS), and the Nigerian Governors’ Forum (NGF) — requesting detailed data on total stamp duty collections.
Particular attention will be given to transactions linked to governmental and corporate agreements, with the committee setting November 25 as the deadline for submission of all requested documents and financial records.
Lawmakers say the findings will guide future policy reforms aimed at strengthening Nigeria’s financial management systems and ensuring effective deployment of public funds.
“The utilization of stamp duty revenue has not been effectively monitored in the past, and we are determined to change that,” Senator Wadada added. “This investigation will give us a clear picture of how much has been generated and how it has been used.”
