By Abdullateef Bambgose
Senate Public Accounts Committee chaired by Senator Ahmed Wadada has launched a thorough investigation into the generation and utilisation of stamp duty revenue in Nigeria.
This move is part of the Senate’s ongoing efforts to promote transparency, plug revenue leaks and ensure the effective use of funds for public welfare.
The committee’s inquiry will focus specifically on the stamp duty revenue generated from agreements between government, individuals and businesses. Briefing the media, Senator Wadada emphasised that the investigation aims to ensure that revenue is utilised effectively to meet the needs 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.
“The goal is to identify areas where revenue is being lost and ensure that the funds are being channeled into providing public services and infrastructure,” Wadada said.
As part of the investigation, the committee has written formal requests to several key institutions, including commercial banks, Federal Inland Revenue Service, FIRS, and the Nigerian Governors Forum to provide detailed information about the total revenue collected from stamp duties, with particular attention to transactions involving governmental and corporate agreements.
The committee’s probe is seen as a critical step in the Senate’s broader strategy to address financial accountability and maximise revenue generation in Nigeria. According to the committee, stamp duties are a significant, but often underutilised source of revenue.
“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,” Senator Wadada said.
The committee has set a deadline for the submission of requested information: November 25. The information gathered will be crucial for future policy decisions aimed at strengthening Nigeria’s financial systems and ensure that public funds are used in a manner that directly benefits citizens.
The Senate’s investigation came at a time when the Nigerian government is under increasing pressure to boost revenue generation, improve public sector transparency and reduce the financial leaks that have plagued government operations in recent years.
