…demands full disclosure from commercial banks, the CBN, FIRS, and state governors
The Senate has launched a wide-ranging investigation into stamp duty collections, reportedly running into several trillions of naira, demanding full disclosure from commercial banks, the Central Bank of Nigeria (CBN), the Federal Inland Revenue Service (FIRS), and state governments.
Senator Ahmed Aliyu Wadada, Chairman of the Senate Public Accounts Committee, disclosed this during a press briefing in Abuja, noting that the probe was prompted by concerns over the “humongous” revenues generated from stamp duties 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.”
According to him, the committee has written to all commercial banks requesting detailed records of stamp duty collections and remittances covering the eight-year period under review.
The committee has also instructed the CBN to provide detailed data on the amounts remitted by banks and the sums subsequently transferred into the Treasury Single Account (TSA).
Read Also: Senate moves to raise NEXIM bank capital base to ₦1trn
Letters have similarly been dispatched to the FIRS to account for stamp duties collected on both government and private sector transactions, as well as to the Nigerian Governors’ Forum, chaired by Kwara State Governor AbdulRahman AbdulRazaq, seeking disclosure of proceeds received by state governments.
Senator Wadada assured that the investigation would be thorough, transparent, and focused on ensuring full accountability in the management of public revenues.
“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.
