Senate panel probes stamp duty revenue to curb leakages

The Senate Public Accounts Committee has launched an investigation into the collection and utilisation of stamp duty revenue in the country as part of a broader legislative effort to entrench transparency, block financial leakages, and ensure the prudent use of public funds. Chairman of the committee, Senator Ahmed Aliyu Wadada (Nasarawa West), disclosed this while […]

The Senate Public Accounts Committee has launched an investigation into the collection and utilisation of stamp duty revenue in the country as part of a broader legislative effort to entrench transparency, block financial leakages, and ensure the prudent use of public funds.

Chairman of the committee, Senator Ahmed Aliyu Wadada (Nasarawa West), disclosed this while addressing newsmen at the National Assembly, saying the probe aims to determine how much has been generated from stamp duties and how the proceeds have been managed over the years.

He said the Senate is determined to ensure that every naira earned through stamp duty is properly accounted for and used to improve the living standards of Nigerians.

“We are determined to ensure that resources generated through stamp duties are managed transparently and used for the benefit of the people. Our goal is to identify gaps in the system, block revenue leakages, and ensure that the funds are channelled into providing essential services and infrastructure,” he said.

The investigation, he explained, will focus on stamp duty collections from agreements involving the federal and state governments, individuals, and private organisations.

“To this end, the committee has written to key stakeholders, including commercial banks, the Federal Inland Revenue Service (FIRS), and the Nigeria Governors’ Forum, demanding detailed records of stamp duty collections and remittances,” he said.

Senator Wadada said the committee expects full cooperation from all relevant agencies, noting that the requested information must be submitted by November 25.

“The utilisation of stamp duty revenue has not been effectively monitored in the past, and we are determined to change that. This investigation will help us understand how much has been collected and how it has been spent,” he added.