The Senate has begun a sweeping investigation into how stamp duty revenues are generated, managed, and remitted, an inquiry aimed at strengthening transparency and plugging revenue leakages across government institutions.
The probe, led by the Senate Public Accounts Committee chaired by Senator Ahmed Wadada, focuses on funds collected from stamp duties on agreements involving government agencies, individuals, and corporations, an area long shrouded in secrecy.
Speaking in Abuja, Wadada said the investigation is intended to ensure that public funds are used responsibly and in ways that improve the lives 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,” he stated.
To uncover the true state of collections and remittances, the committee has issued formal requests to the Federal Inland Revenue Service, commercial banks, and the Nigerian Governors’ Forum, asking them to submit detailed records by November 25. These documents are expected to clarify how much has been collected over the years and how the funds have been handled.
Wadada noted that stamp duty, one of Nigeria’s potentially lucrative non oil revenue streams, has suffered from years of poor oversight and underreporting. The ongoing probe, he said, will finally provide a clearer picture of its utilisation.
The Senate’s action comes as the Federal Government faces increasing pressure to expand revenue sources, close fiscal gaps, and restore public trust in how national resources are spent.
