The Senate has launched an investigation into the generation and management of stamp duty revenue as pressure mounts for greater transparency and accountability in government finances.
Spearheaded by the Senate Public Accounts Committee and chaired by Senator Ahmed Aliyu Wadada, the probe is part of the National Assembly’s wider push to plug revenue leakages, strengthen fiscal oversight, and ensure that funds collected under various revenue heads are properly used for public benefit.
The committee is focusing on revenues generated from stamp duties imposed on agreements between government entities, individuals, and corporate organisations, an area long viewed as opaque and prone to under-reporting.
Wadada, speaking to journalists in Abuja on Thursday, stressed that the investigation was driven by the need to ensure that national resources are managed responsibly and in ways that positively affect ordinary citizens. “We are determined to ensure that the resources generated through stamp duties are being used transparently and for the benefit of the people. The goal is to identify any areas where revenue is being lost and ensure that the funds are being channelled into providing public services and infrastructure,” he said.
As part of the process, the committee has issued formal requests to key institutions, including the Federal Inland Revenue Service, commercial banks, and the Nigerian Governors’ Forum, directing them to provide full details of all stamp duty collections and remittances.
A deadline of November 25 has been set for these institutions to submit the required documents, which are expected to give lawmakers a clearer understanding of how much has been collected over the years and how those funds have been managed.
Wadada noted that although stamp duty is a potentially significant non-oil revenue source, poor oversight and under-reporting have limited its impact. “The utilisation of stamp duty revenue has not been effectively monitored in the past, and we are determined to change that. This investigation will give us a clear picture of the revenue generated and help ensure that it is being properly accounted for,” he stated.
The probe comes at a time when the Federal Government is under intensifying pressure to expand its revenue base, close fiscal gaps, and restore public confidence in government spending, especially as Nigeria continues to push for stronger non-oil revenue performance amid global economic uncertainties.
