Senate panel begins probe of stamp duty collections, management
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The senate committee on public accounts has commenced an investigation into how the stamp duty revenues are generated, remitted and managed by relevant government agencies.
Speaking on Thursday, Aliyu Wadada, chairman of the committee, said the move followed growing calls for transparency and accountability in the management of government finances.Wadada, a former banker, said the national assembly is committed to plugging revenue leakages, deepening fiscal oversight, and ensuring that public funds are used for the benefit of Nigerians.He said the committee’s probe focuses on revenues generated from stamp duties imposed on agreements between government agencies, individuals, and corporate organisations — a revenue stream long plagued by allegations of opacity and mismanagement.
“We are determined to ensure that the resources generated through stamp duties are being used transparently and for the benefit of the people,” the committee chairman said.
“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.”
Wadada said as part of the investigation, the committee has made formal requests to the Federal Inland Revenue Service (FIRS), commercial banks, and the Nigerian Governors’ Forum (NGF), directing them to submit comprehensive details of all stamp duty collections and remittances.
He added that the committee has fixed November 25 as the deadline for submission of the requested documents, noting that all concerned are expected to provide clarity on how much has been collected over the years and how the funds have been managed.
The lawmaker said stamp duty, a potentially lucrative non-oil revenue source, has suffered from years of poor monitoring and underreporting.
“The utilisation 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 being properly accounted for.”
Senate panel begins probe of stamp duty collections, management | TheCable
