THE Senate has opened a comprehensive investigation into how stamp duty revenues have been generated, collected, and spent over the years, a move lawmakers say is critical to improving transparency and preventing revenue leakages.
The Chairman of the Senate Public Accounts Committee, Senator Aliyu Wadada, announced the probe during a media briefing today.
He said the inquiry is designed to trace the flow of stamp duty funds and ensure they have been managed in line with national interest.
According to Wadada, the effort aligns with the Senate’s broader drive for accountability in public finance.
He stressed that it is essential to determine whether stamp duty income—accruing from agreements involving government bodies, private individuals, and businesses—has been handled properly.
“Our mission is to ensure that the resources generated through stamp duties are used transparently and for the benefit of Nigerians,” he stated, adding that any gaps or losses identified in the process will be addressed to strengthen the country’s fiscal system.
As part of the probe, the committee has written to major stakeholders including commercial banks, the Federal Inland Revenue Service (FIRS), and the Nigerian Governors’ Forum (NGF), requesting detailed data on collections and remittances. All parties have until November 25 to submit their documents and financial records.
Wadada noted that the findings will guide future policy recommendations aimed at improving financial management and ensuring public funds are deployed effectively.
He also acknowledged that poor monitoring in the past had created room for discrepancies, a situation the Senate is now determined to correct.