Senate Launches Probe into Stamp Duty Revenue Generation and Utilization

By Iyojo Ameh

The Senate Public Accounts Committee has commenced an investigation into the generation and utilization of stamp duty revenue across Nigeria.

The probe, which focuses on promoting transparency and accountability, aims to assess how effectively the revenue is being used to meet the needs of citizens.

As part of the exercise, the committee, chaired by Senator Aliyu Wadada, has written to key stakeholders—including commercial banks, the Federal Inland Revenue Service (FIRS), and the Nigerian Governors’ Forum—demanding detailed information on stamp duty revenue.

Cue in: “What we are doing is in line with the constitutional responsibility of the Senate to ensure accountability in public finance,” Wadada stated. “We are determined to uncover the total amount generated from stamp duties, especially those arising from agreements involving the government, individuals, and businesses.”
Cue out.

Senator Wadada emphasized that the investigation is intended to block revenue leakages and ensure that public funds are utilized efficiently and transparently.

The committee has directed all relevant stakeholders to submit their responses by November 25.