Senate probes stamp duty funds nationwide
The Senate has initiated an inquiry into the collection and utilization of stamp duty revenues across the country, a decision that legislators assert is intended to improve fiscal transparency and prevent revenue losses.
During a news conference, Senator Aliyu Wadada, the Chairman of the Senate Public Accounts Committee, stated that the investigation aims to reveal how stamp duty revenues have been collected, administered, and allocated over time.
He further noted that this probe is part of the Senate’s larger initiative to foster accountability and ensure that public funds are spent for the benefit of Nigerians.
“We are committed to making sure that the revenues generated from stamp duties are utilized transparently and for the people’s advantage.
“Our objective is to pinpoint areas where revenue may be lost and ensure these funds are redirected toward public services and infrastructure,” he mentioned.
Wadada clarified that the committee’s investigation will concentrate on stamp duty revenues derived from agreements between government entities, individuals, and businesses.
The inquiry will also assess the collection methods and the use of the proceeds.
In the course of the investigation, the committee has reached out to essential stakeholders, including commercial banks, the Federal Inland Revenue Service, and the Nigerian Governors’ Forum, requesting comprehensive data on total stamp duty collections.
The committee indicated that particular emphasis would be placed on transactions involving government and corporate agreements.
They have set a deadline of November 25 for the submission of all requested documents and financial records.
Legislators mentioned that the results of the investigation will inform future policy decisions aimed at strengthening Nigeria’s financial management systems and ensuring the effective allocation of public funds.
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