•Nigerian Senate chamber
The Senate has commenced a comprehensive investigation into stamp duty collections reportedly amounting to several trillions of naira, seeking full disclosure from commercial banks, the Central Bank of Nigeria (CBN), the Federal Inland Revenue Service (FIRS), and state governments.
Chairman of the Senate Public Accounts Committee, Senator Ahmed Aliyu Wadada, disclosed this during a press briefing in Abuja, stating that the probe was prompted by concerns over the “humongous” revenue generated from stamp duties between 2016 and 2024, much of which remains unaccounted for.
“It is one thing to generate revenue and another to ensure it is judiciously utilized,” Wadada said.
“The legislature cannot afford to look the other way when trillions are at stake.”
According to him, the committee has written to all commercial banks requesting detailed records of stamp duty collections and remittances covering the eight-year period under review.
The committee has also directed the CBN to provide corresponding data on the amounts remitted by the banks and what was subsequently transferred into the Treasury Single Account (TSA).
In addition, letters have been sent to the FIRS to account for stamp duties collected on both government and private sector agreements, and to the Nigerian Governors’ Forum, chaired by Kwara State Governor AbdulRahman AbdulRazaq, to disclose proceeds received by state governments.
Wadada assured that the investigation would be thorough, transparent, and aimed at ensuring accountability in the management of public revenues.
“We want to know what is where, and how effectively it has been used,” Wadada said.
“This is about accountability and ensuring every kobo collected on behalf of Nigerians is properly tracked.”
He added that the committee had received preliminary data from consultants but would wait to reconcile all submissions before making its findings public.
“We have a fair idea of what’s involved,” he said. “But we’re verifying every figure. Once that’s done, we’ll not hesitate to summon anyone necessary to explain discrepancies.”
He said that all concerned agencies have until November 25, 2025, to respond to the Senate’s requests.
“This administration has shown commitment to transparency.
“Our job is to make sure that the revenues it depends on are fully accounted for and effectively utilised for the benefit of Nigerians,” Wadada said.
