The Senate has launched an investigation into the collection and use of stamp duty revenues nationwide, a move lawmakers say is aimed at enhancing fiscal transparency and curbing revenue leakages.

Speaking at a media briefing, Chairman of the Senate Public Accounts Committee, Senator Aliyu Wadada, said the probe seeks to uncover how stamp duty revenues have been collected, managed, and disbursed over the years.

He added that the investigation aligns with the Senate’s broader commitment to promoting accountability and ensuring that public funds are utilized for the benefit of Nigerians.

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

“Our goal is to identify areas where revenue may be leaking and ensure these funds are redirected toward public services and infrastructure,” he said.

Wadada explained that the committee’s probe will focus on stamp duty revenues generated from agreements involving government agencies, individuals, and businesses.

The investigation will also examine the collection process and the utilization of the proceeds.

As part of the probe, the committee has written to key stakeholders, including commercial banks, the Federal Inland Revenue Service, and the Nigerian Governors’ Forum, requesting detailed data on total stamp duty collections.

The committee said special attention will be given to transactions involving government and corporate agreements.

It has set November 25 as the deadline for the submission of all requested documents and financial records.

Lawmakers noted that the findings will guide future policy decisions aimed at strengthening Nigeria’s financial management systems and ensuring the effective use of public funds.