Senate probes stamp duty revenue, seeks disclosure from banks, CBN, FIRS

From Adesuwa Tsan, Abuja

The Senate Committee on Public Accounts has begun a comprehensive probe into stamp duty collections and remittances across key financial institutions in the country, as lawmakers move to ensure transparency and full accountability in the management of non-oil revenues.

Chairman of the Committee Ahmed Aliyu Wadada said the review became necessary to establish the true status of stamp duty revenue between 2016 and 2024 and determine whether all funds collected were duly remitted to the Federation Account through the Treasury Single Account (TSA).

“While revenue generation is important, what is even more critical is ensuring that every kobo collected is properly accounted for and effectively utilised to meet citizens’ needs,” Wadada said.

According to him, the committee has written to all commercial banks requesting detailed data on stamp duty collected over the period under review, as well as to the Central Bank of Nigeria (CBN) for records of corresponding remittances into the TSA.

In addition, similar requests have been sent to limited liability companies, oil and gas firms, the Federal Inland Revenue Service (FIRS), and the Nigerian Governors’ Forum (NGF) to submit figures on stamp duty derived from contracts, agreements, and other transactions within their purview.

Wadada explained that the goal is to reconcile figures across the financial and corporate sectors, identify gaps, and ensure that all funds due to the Federation are fully captured and deployed for development purposes.

“The amount of revenue involved is substantial. This exercise is crucial to ensure that what is collected on behalf of the government is maximised and properly utilised to provide infrastructure and essential services for Nigerians,” he stated.

He added that while the committee already has access to some internal data and preliminary analyses, official submissions from the relevant institutions are needed before any conclusions can be drawn or officials invited for questioning.

The agencies have been given a deadline of 25 November 2025 to submit their reports, after which the committee will conduct detailed reconciliations and summon stakeholders as necessary.

“This is not a witch-hunt,” Wadada stressed. “Our duty is to uphold transparency and accountability in the management of public funds. Once the submissions are received, the committee will review the documents, identify discrepancies, and take appropriate steps in line with our constitutional mandate,” he said.

He assured that the findings would be made public at the conclusion of the exercise, adding that the Senate would not relent in ensuring that all revenues due to the Federation are properly accounted for and deployed for the welfare of Nigerians.