JUST IN: Senate Probes Stamp Duty Collections

… Summons Govs, CBN, FIRS, Banks, Others

The Senate has initiated an investigation into revenue streams from stamp duty by the various collecting government agencies and private companies.

Consequently, the Senate, through its Public Accounts Committee, has directed the Nigeria Governors Forum (NGF), the Central Bank of Nigeria (CBN), the Federal Inland Revenue Service (FIRS) and commercial banks, to submit their records on Stamp Duty collections to the committee.

Also summoned are private companies who are involved in stamp duty transactions in whatever ways.

While addressing journalists at the National Assembly on Thursday, the chairman of the SPAC, Senator Ahmed Wadada, said all the agencies invited have up till 25th November 2025 to submit their records for scrutiny.

Wadada said the investigation is geared towards establishing how much had been generated by the collecting agencies and how much of it had been utilised.

“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 the government, individuals, and businesses.

“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 any areas where revenue is being lost and ensure that the funds are being channeled into providing public services and infrastructure,” Senator Wadada said.

The committee chairman said all the invited agencies and institutions have been officially communicated, adding that the state governors were contacted through the secretariat of the Nigeria Governors Forum.

“The committee has asked these parties to provide detailed information about the total revenue collected from stamp duties, with particular attention to transactions involving governmental and corporate agreements,” Wadada added.

The committee’s planned probe may as well be a critical step in the Senate’s broader strategy to address financial accountability and maximise revenue generation in the country.

The committee observed that revenues from stamp duties are quite significant but they are often underutilised or misapllied.

“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 added.

According to the committee, information gathered would be crucial for future policy decisions aimed at strengthening Nigeria’s financial systems and ensuring that public funds are used in a manner that directly benefit the citizens.

The Senate’s investigation comes 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 over the years.