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By Lizzy Chirkpi
The Senate Committee on Public Accounts has summoned commercial banks, the Federal Inland Revenue Service (FIRS), the Central Bank of Nigeria (CBN), and the Nigeria Governors’ Forum (NGF) to submit detailed records of all revenues accrued from stamp duty collections between 2016 and 2024.
Chairman of the Committee, Senator Ahmed Wadada Aliyu (Nasarawa West), made this known while briefing journalists at the National Assembly on Thursday.
He said the request is part of the Senate’s efforts to ensure transparency, accountability, and effective utilization of stamp duty proceeds, adding that all relevant institutions must comply by November 25, 2025.
“It is one thing to be able to generate revenue, and it is a different ballgame for the revenue to be judiciously put together and effectively utilized,” Wadada stated.
“In light of that, this committee thought it wise to examine the profile of stamp duty revenues in the country.”
According to the lawmaker, letters have been sent to all commercial banks requesting comprehensive data including figures showing how much each bank, or all collectively, has generated from stamp duty charges within the period under review.
“The committee has also written to the Central Bank of Nigeria to furnish it with information accompanied by figures indicating how much has actually been remitted by these commercial banks and how much the CBN itself has paid into the Treasury Single Account (TSA),” he said.
Senator Wadada further disclosed that similar requests have been sent to the FIRS and the CBN, as well as to the Nigerian Governors’ Forum, through its chairman, Governor AbdulRahman AbdulRazaq of Kwara State, to provide details of stamp duty proceeds received by state governments.
“For this exercise to be all-inclusive and all-encompassing, the committee has also written the Nigerian Governors’ Forum to furnish us with how much they have received as proceeds of stamp duty. This is all geared towards knowing what is where, and how effectively it should be utilized,” he added.
The committee, he revealed, is in possession of preliminary information suggesting that a “humongous amount of money” has been generated from stamp duty collections over the years, stressing that the Senate must now ensure the funds are properly accounted for.
“We already have information about all these agencies, but we’re keeping it to ourselves for now. There is a time frame, which is the 25th of this month,” he said.