The Senate Public Accounts Committee, chaired by Senator Ahmed Aliyu Wadada, has launched an in-depth review of stamp duty revenue collection and remittance across Nigeria, underscoring the government’s commitment to ensuring that public funds are properly generated, accounted for, and utilized.
Senator Wadada stressed that while generating revenue is critical, ensuring its proper collection and deployment is equally vital. As part of the review, the committee has written to all commercial banks requesting details of stamp duty collected from 2016 to 2024, and has sought corresponding data from the Central Bank of Nigeria on remittances to the Treasury Single Account (TSA).
The committee has also reached out to limited liability companies, oil and gas firms, the Federal Inland Revenue Service (FIRS), and the Nigerian Governors Forum to provide figures on stamp duty collected from contracts, agreements, and other sources. The goal is to reconcile data from all relevant institutions, ensuring transparency, accountability, and proper use of revenue.
While preliminary analyses exist within the committee, Senator Wadada emphasized the need for official data before publicizing findings or summoning stakeholders for questioning. Agencies have been given a deadline of 25th November 2025 to submit their reports.
“The amount of revenue involved is substantial, and this exercise is crucial to ensure that funds collected are maximized and effectively deployed to provide infrastructure and essential services for Nigerians,” he said.
The committee will review all submissions, conduct reconciliations, and take further action as necessary, including questioning officials and agencies involved in the collection and remittance of stamp duty.