The Nigerian Senate has launched an investigation into the generation and management of stamp duty revenue, amid growing public concerns about transparency and accountability in government finances. The probe is being led by the Senate Public Accounts Committee, chaired by Senator Ahmed Wadada, and is part of the National Assembly’s broader efforts to plug revenue leakages and ensure that public funds are properly managed.
Stamp duty, a tax levied on legal agreements between individuals, corporate organizations, and government agencies, has long been seen as a potentially lucrative source of non-oil revenue. However, poor monitoring, underreporting, and unclear remittance channels have raised concerns over whether the funds are fully accounted for or used for public benefit.
Speaking to journalists in Abuja on Thursday, Senator Wadada explained that the investigation is aimed at uncovering how stamp duty revenue has been generated, collected, and deployed over the years.
“We are determined to ensure that the resources generated through stamp duties are being used transparently and for the benefit of the people,” Wadada said. “The goal is to identify areas where revenue is being lost and ensure that funds are channeled into providing public services and infrastructure.”
The Senate committee has directed several key institutions to provide detailed records of stamp duty collections. These include the Federal Inland Revenue Service (FIRS), commercial banks, and the Nigerian Governors’ Forum. Officials from these organizations have been asked to submit comprehensive reports on the amounts collected, remitted, and how they were applied.
The committee has set November 25, 2025, as the deadline for submission of all relevant documents. The information is expected to provide a clearer understanding of revenue trends, highlight gaps, and expose potential leakages that may have gone unnoticed in the past.
Senator Wadada highlighted that stamp duty, while a significant source of revenue, has suffered from poor oversight. “The utilization of stamp duty revenue has not been effectively monitored in the past, and we are determined to change that,” he said. “This investigation will give us a clear picture of the revenue generated and help ensure that it is properly accounted for.”
Stamp duty funds are meant to support public projects and services, including infrastructure, education, healthcare, and other social amenities. Proper management of these funds can make a significant impact on the lives of ordinary Nigerians. Conversely, leakages in revenue can weaken government capacity to deliver essential services and erode public confidence in the system.
The Senate’s probe comes at a time when the Federal Government faces mounting pressure to increase revenue, reduce fiscal gaps, and ensure transparency. Citizens and civil society groups have repeatedly called for stricter oversight of government revenue streams to prevent mismanagement and corruption.
In recent years, several revenue sources in Nigeria, including taxes, levies, and fees, have been under scrutiny for potential leakages. The government’s drive to strengthen fiscal accountability has included auditing agencies and implementing electronic payment systems, but challenges remain.
By focusing on stamp duty, the Senate committee seeks to address one of the less visible but significant revenue streams. Analysts believe that a successful investigation could set a precedent for improved monitoring across other sectors of government revenue collection.
Senator Wadada and his committee have assured the public that the probe will be conducted professionally and transparently. The committee plans to analyze the submitted data thoroughly, identify discrepancies, and recommend corrective measures to ensure full accountability.
“The Senate is committed to making sure that public resources are used wisely,” Wadada said. “We will follow the money trail and ensure that the government fulfills its obligations to the citizens.”
