Senate Demands Answers as Stamp Duty Revenue Probe Targets Banks, FIRS, Governors

• The Senate has launched an investigation into the generation and utilization of stamp duty revenue across the country, with lawmakers aiming to improve fiscal accountability and curb revenue leakages.

The Senate has commenced a nationwide investigation into the generation and use of stamp duty revenue, described by lawmakers as a key step toward enhancing fiscal transparency and plugging leakages in public funds.

Speaking at a media briefing, the Chairman of the Senate Public Accounts Committee, Senator Aliyu Wadada, said the probe seeks to uncover how funds collected from stamp duties have been managed and disbursed over the years.

Senator Wadada emphasised that the investigation reflects the Senate’s ongoing commitment to accountability, 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.

The committee’s inquiry will focus on stamp duty revenues arising from agreements involving government entities, individuals, and businesses. It will scrutinize both the collection process and the utilisation of the proceeds.

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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 paid to transactions linked to governmental and corporate agreements. The Senate committee has set November 25 as the deadline for submission of all requested financial records and documents.

Lawmakers said the findings will guide future policy decisions to strengthen financial management and ensure 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. This investigation will give us a clear picture of how much has been generated and how it has been used,” Senator Wadada added.