The Senate, through its committee on Public Accounts, has commenced an in-depth investigation into the generation and utilisation of stamp duty revenue across the country.
The probe is part of the Senate’s broader efforts to promote transparency, curb revenue leakages, and ensure that public funds are effectively deployed for the welfare of Nigerians.
According to Aliyu Wadada, the chairman of the committee, the lawmakers will focus on revenue accrued from stamp duties on agreements between the government, individuals, and corporate entities.
“We are determined to ensure that the resources generated through stamp duties are being used transparently and for the benefit of the people,” Senator Wadada said while briefing journalists.
“The goal is to identify any areas where revenue is being lost and ensure that the funds are being channeled into providing public services and infrastructure.”
As part of the exercise, the committee has written to several key institutions, including commercial banks, the Federal Inland Revenue Service (FIRS), and the Nigerian Governors’ Forum, requesting detailed records of stamp duty collections, particularly those tied to government and corporate transactions.
Wadada explained that the move forms part of the National Assembly’s renewed commitment to financial accountability and improved revenue management.
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“The utilisation of stamp duty revenue has not been effectively monitored in the past, and we are determined to change that,” he stated.
“This investigation will give us a clear picture of the revenue generated and help ensure that it is being properly accounted for.”
The committee has set November 25 as the deadline for submission of all requested information.
Data gathered from the investigation will guide future policy decisions aimed at strengthening Nigeria’s financial systems and ensuring that public funds are managed in ways that directly benefit citizens.
