An investigation into how earnings from stamp duty are utilised has been launched by the Senate.
The upper chamber of the National Assembly will look into revenues generated from stamp duties imposed on agreements between government entities, individuals, and corporate organisations — an area long believed to be fraught with opacity.
This probe is being handled by the Senate Public Accounts Committee, chaired by Mr Ahmed Wadada.
Already, the critical parties involved in the use of funds from stamp duty have been asked to submit the necessary documents on or before Tuesday, November 25, 2025.
The documents will give details of how much has been collected over the years and how the funds have been managed.
Those asked to provide these details are the Federal Inland Revenue Service (FIRS), commercial banks, and the Nigerian Governors’ Forum, and others.
“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.
“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,” the chairman of the investigating team said.
The stamp duty is usually charged by banks on behalf of the federal government on financial transactions.