The Nigerian Senate has opened an investigation into the generation and management of stamp duty revenues amid rising public calls for transparency and accountability in government finances.
The probe, led by the Senate Public Accounts Committee (SPAC) chaired by Senator Ahmed Wadada, is part of the National Assembly’s wider push to plug revenue leakages, strengthen fiscal oversight, and ensure effective deployment of public funds.
Speaking at a press briefing in Abuja on Thursday, Wadada said the inquiry aims to ensure that resources generated through stamp duties are used transparently and in ways that directly benefit Nigerians.
“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 channelled into providing public services and infrastructure,” the lawmaker said.
The committee has written to key institutions, including the Federal Inland Revenue Service (FIRS), commercial banks, and the Nigerian Governors’ Forum, demanding detailed records of all stamp duty collections and remittances.
A November 25 deadline has been set for the submission of the requested documents, which are expected to shed light on the total revenue generated over the years and how the funds have been managed.
Wadada lamented that stamp duty—considered a significant source of non-oil revenue—has long suffered from poor oversight and underreporting.
“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,” he added.
The Senate’s move comes as the Federal Government faces growing fiscal pressures and increasing demands to expand its revenue base, curb leakages, and rebuild public trust in government spending.
