The Senate has launched a comprehensive investigation into the collection and management of stamp duty revenue.
The initiative marks a significant move to strengthen transparency in the nation’s financial system and address long-standing concerns over unaccounted funds.
At a press briefing on Thursday, Chairman of the Senate Public Accounts Committee, Senator Aliyu Wadada, explained that the inquiry would examine how stamp duty proceeds have been accumulated, reported, and disbursed over several years.
The probe, he said, formed part of the Senate’s broader effort to enhance accountability and ensure that all government revenue is channeled toward public development.
“We want to be certain that every naira collected as stamp duty is handled in a transparent manner and directed toward improving the lives of Nigerians,” he stated.
According to him, the committee hopes to pinpoint areas where revenue may have been lost or mismanaged and propose methods to safeguard future collections.
The investigation will cover stamp duty generated from agreements involving businesses, private citizens, and government agencies.
Both the process of collection and the application of the funds will be thoroughly scrutinised.
To facilitate the probe, the committee has formally written to major stakeholders, including commercial banks, the Federal Inland Revenue Service (FIRS), and the Nigerian Governors’ Forum (NGF), requesting detailed records on all stamp duty revenues.
Lawmakers have set November 25 as the deadline for the submission of the documents.
Senator Wadada noted that, historically, the monitoring of stamp duty income has been inadequate.
The present inquiry, he said, is intended to provide clarity on the actual sums collected and how they have been used, with the ultimate goal of improving Nigeria’s fiscal management framework.
“The era of poorly supervised stamp duty revenue must end.
“This review will give us a factual account of what has been generated and how it has been applied. The findings will guide future policy decisions.”
Legislators maintain that the outcome of the probe could play a vital role in bolstering revenue administration, closing leakages, and ensuring that funds meant for public services and critical infrastructure are properly utilised.
