₦airaland Forum

The Senate has opened an investigation into the generation and management of stamp duty revenue amid growing calls for transparency and accountability in government finances.

The probe, spearheaded by the Senate Public Accounts Committee, chaired by Senator Ahmed Wadada, has been described as a part of the National Assembly’s broader efforts to plug revenue leakages, improve fiscal oversight, and ensure that funds collected under various revenue heads are effectively deployed for public benefit.

The committee’s focus will be on revenues generated from stamp duties imposed on agreements between government entities, individuals, and corporate organisations — an area long believed to be fraught with opacity.

Wadada, while briefing journalists in Abuja on Thursday, said the investigation was driven by the need to ensure that the nation’s resources are used judiciously and in ways that impact ordinary 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 channelled into providing public services and infrastructure”, the lawmaker stated.

As part of the ongoing exercise, the committee has issued formal requests to key institutions, including the Federal Inland Revenue Service, commercial banks, and the Nigerian Governors’ Forum, directing them to furnish comprehensive details of all stamp duty collections and remittances.

The committee has fixed November 25 as the deadline for submission of the requested documents, which are expected to provide a clearer picture of how much has been collected over the years and how the funds have been managed.

Wadada noted that stamp duty, though a potentially lucrative source of non-oil revenue, has suffered from poor oversight and underreporting.

“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,” he said.

The Senate’s move comes at a time when the Federal Government is under mounting pressure to widen its revenue base, close fiscal gaps, and rebuild public confidence in government spending.

Kingpele:
I wish national Assembly will look into all this corrupt deals everywhere..most importantly coastal high way ..because it's more fraudulent than stamp duty corruption

Emeskhalifa:
Now stuff like this, is why Nigerians do not want to pay tax. I mean you go abroad and you see what they do with tax payers money, you fill motivated to even pay more

Emeskhalifa:
Now stuff like this, is why Nigerians do not want to pay tax. I mean you go abroad and you see what they do with tax payers money, you fill motivated to even pay more