Senate probes stamp duty revenue in transparency move

Nigeria Senate is currently probing revenue accruing into the Federation account from Stamp Duty charges chanelled across all payment platforms.

This was disclosed by the Senate Committee on Public Accounts chaired by Senator Ahmed Aliyu Wadada at a press conference on Thursday in Abuja.

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He said the move was party 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. Senator Wadada, while briefing the media, emphasized that the investigation aims to ensure that revenue is utilized effectively to meet the needs of Nigerians.

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“We are determined to ensure that the resources generated through stamp duties are being used transparently and for the benefit of the people,” said Senator Wadada. “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.”

As part of the investigation, the committee has written formal requests to several key institutions, including commercial banks, the Federal Inland Revenue Service (FIRS), and the Nigerian 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.

The committee’s probe is seen as a critical step in the Senate’s broader strategy to address financial accountability and maximize revenue generation in Nigeria. According to the committee, stamp duties are a significant but often underutilized source of revenue.

“The utilization of stamp duty revenue has not been effectively monitored in the past, and we are determined to change that,” Senator Wadada added. “This investigation will give us a clear picture of the revenue generated, and help ensure that it is being properly accounted for.”

The committee has set a deadline for the submission of requested information: November 25th. The information gathered will 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 benefits 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 in recent years.

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