The Senate Committee on Public Accounts has opened a sweeping investigation into the generation, remittance and management of stamp duty revenues across federal agencies, signalling what lawmakers describe as a renewed push for financial transparency in government.
Committee chairman, Senator Aliyu Wadada, disclosed on Thursday that the probe was triggered by persistent concerns over alleged opacity, underreporting and mismanagement of proceeds from stamp duties — a key non-oil revenue source expected to bolster the nation’s dwindling finances.
Wadada, a former banker, said the National Assembly would no longer tolerate loopholes in revenue administration, stressing that every kobo collected must reflect in government accounts.
“We are determined to ensure that the resources generated through stamp duties are used transparently and for the benefit of the people,” he said.
“The goal is to identify areas where revenue is being lost and ensure that the funds are channelled into public services and infrastructure.”
He explained that the committee had issued formal requests to the Federal Inland Revenue Service (FIRS), commercial banks, and the Nigeria Governors’ Forum (NGF), mandating them to submit detailed breakdowns of all stamp duty collections and remittances made over the years.
According to him, all institutions involved must provide clarity on the total revenue generated, the timelines of remittances and how the funds were utilised.
He noted that November 25 had been fixed as the deadline for submissions, warning that the committee would not accept delays or incomplete documentation.
Wadada expressed worry that despite its revenue potential, stamp duty collection had for years suffered from poor monitoring, unclear reporting lines and weak oversight.
“The utilisation of stamp duty revenue has not been effectively monitored in the past, and we are determined to change that,” he added.
“This investigation will give us a clear picture of what has been generated and help ensure it is properly accounted for.”
The Senate’s intervention comes amid mounting public pressure for accountability in revenue-generating agencies, especially as the federal government seeks to shore up its finances and reduce dependence on borrowing.
The committee is expected to summon more agencies and stakeholders as the investigation progresses.
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