The Senate has commenced an investigation into the generation and utilization of stamp duty revenue across the country, in what lawmakers describe as a major step toward improving fiscal transparency and plugging revenue leakages.
Speaking at a media conference, the Chairman of the Senate committee on Public Accounts Committee, Senator Aliyu Wadada, said it aims to uncover how funds accrued from stamp duties have been collected, managed and disbursed over the years.
Senator Wadada said the investigation aligns with the Senate’s broader commitment to promoting accountability and ensuring that all 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.
“Our goal is to identify areas where revenue may be leaking and ensure these funds are redirected toward public services and infrastructure,” he said.
He stated that the committee’s inquiry will centre on stamp duty revenues generated from agreements involving government entities, individuals and businesses.
It will also scrutinize both the collection process and how the proceeds have been utilized.
As part of the investigation, the committee has written to key stakeholders, including commercial banks, the Federal Inland Revenue Service (FIRS), and the Nigerian Governors’ Forum (NGF), demanding comprehensive data on total stamp duty collections.
Particular attention will be given to transactions linked to governmental and corporate agreements.
The Senate committee therefore set November 25 as the deadline for the submission of all requested documents and financial records.
Lawmakers say the findings will be used to inform future policy decisions aimed at strengthening Nigeria’s financial management systems and ensuring public funds are effectively deployed.
“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”.
