Senate Demands Full Transparency in Stamp Duty Probe

The Senate has launched a far-reaching investigation into stamp duty collections said to run into trillions of naira, demanding 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, who gave this indication during a press briefing in Abuja, said the move followed concerns over what he described as “humongous” sums generated from stamp duty 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.”

He said the committee has written to all commercial banks to submit detailed records of stamp duty collections and remittances for the eight-year period.

It has also asked the CBN to provide corresponding data on what the banks remitted and what the apex bank transferred into the Treasury Single Account (TSA).

Similarly, he said letters have been sent to the FIRS to account for stamp duties collected on government and private sector agreements, and to the Nigerian Governors’ Forum, chaired by Kwara State Governor AbdulRahman AbdulRazaq, to disclose proceeds received by the states.

“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.