Nigerian Senate has opened an investigation into how stamp duty revenues are being generated, managed, and spent across the country — a move lawmakers say is crucial to tightening financial accountability and closing revenue leakages.
Addressing journalists in Abuja, Chairman of the Senate Committee on Public Accounts, Senator Aliyu Wadada, said the probe seeks to trace every kobo earned from stamp duties and determine how the funds have been utilized over the years.
> “We are determined to ensure that the resources generated through stamp duties are being used transparently and for the benefit of the people,” Wadada said. “Our goal is to identify areas where revenue may be leaking and ensure these funds are redirected toward public services and infrastructure.”
According to him, the inquiry will cover all stamp duty revenues from agreements involving government agencies, businesses, and individuals. The committee will scrutinize both the collection process and the disbursement of proceeds.
As part of the probe, the Senate has written to major stakeholders — including commercial banks, the Federal Inland Revenue Service (FIRS), and the Nigerian Governors’ Forum (NGF) — demanding detailed records of total stamp duty collections.
The committee has set November 25 as the deadline for submission of all relevant documents and financial statements.
Lawmakers say the outcome of the investigation will help shape new policies to strengthen Nigeria’s financial management system and ensure better deployment of public funds.
> “The utilization of stamp duty revenue has not been effectively monitored in the past, and we are determined to change that,” Wadada added. “This investigation will give us a clear picture of how much has been generated and how it has been used.”
