The Nigerian Senate has launched a comprehensive investigation into the collection and utilization of stamp duty revenues nationwide — a move lawmakers describe as a decisive step toward enhancing fiscal transparency and closing revenue leakages.
Speaking at a media briefing, the Chairman of the Senate Committee on Public Accounts, Senator Aliyu Wadada, said the probe seeks to uncover how funds generated through stamp duties have been collected, managed, and disbursed over the years.
According to Senator Wadada, the investigation reflects the Senate’s broader commitment to promoting accountability and ensuring that all public funds are deployed for the welfare of Nigerians.
“We are determined to ensure that revenues generated through stamp duties are managed transparently and used to improve the lives of our people,” he stated.
“Our goal is to identify areas of potential revenue leakage and ensure these funds are properly redirected toward critical public services and infrastructure development.”
The committee’s inquiry will focus on stamp duty revenues generated from agreements involving government agencies, private businesses, and individuals. It will also examine the processes of collection and the subsequent use of the proceeds.
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) — requesting detailed data on total stamp duty collections. Special attention will be given to transactions linked to government and corporate agreements.
The Senate committee has set November 25 as the deadline for the submission of all relevant documents and financial records.
Lawmakers emphasized that the findings from the probe will guide future policy decisions aimed at strengthening Nigeria’s public finance management systems and ensuring greater accountability in the use of public funds.
“In the past, the utilization of stamp duty revenues has not been effectively monitored,” Senator Wadada noted. “This investigation will give us a clear and accurate picture of how much has been generated — and how those funds have been used.”
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