The Senate has requested that the Central Bank of Nigeria and the Federal Inland Revenue Service (FIRS) provide detailed information on the revenue generated from and utilisation of stamp duty payments.
Chairman of the Senate Committee on Public Accounts, Aliyu Wadada, made this announcement in Abuja on Thursday.
Mr Wadada stated that the investigation aims to ensure that the government maximises its revenue from stamp duty, which he described as a significant source of income for the country.
The lawmaker revealed that the committee had written to all commercial banks, asking them to provide information, along with figures, on how much each bank, or collectively all the commercial banks, generated as stamp duty revenue from 2016 to 2024.
“It is, of course, legally expected that whatever revenue these commercial banks generate from stamp duty charged is to be remitted to the CBN.
“The committee has also written to the CBN to supply information, with figures detailing how much has actually been remitted by these commercial banks to the CBN and how much the CBN has remitted to the TSA. Additionally, limited liability companies and oil and gas companies also charge stamp duty like commercial banks, and the committee has reached out to them as well.
“The committee has also requested that the FIRS provide information, accompanied by figures, on how much the FIRS has generated from this category of stamp duty,” he explained.
Mr Wadada noted that to make the exercise comprehensive, the committee had also contacted the Nigerian Governors’ Forum (NGF) for details on the amounts they have received as proceeds from stamp duty.
He emphasised that, given the commitment of Mr Tinubu’s administration to provide essential infrastructure, concentrated efforts should be made to ensure effective revenue generation and its utilisation for the benefit of Nigerians.
Mr Wadada remarked that the expected revenue from stamp duty is substantial, adding that the legislature must inquire about both the revenue generated and its utilisation.
He indicated that to gain a fair understanding of the expected revenue from stamp duty, the committee has requested organisations to compare their data with the figures on revenue generated from stamp duty.
“Since the perspectives vary, we must gather information from the various agencies or bodies I have mentioned.
“We will reconcile the figures we obtain and determine when to ask further questions, invite, or possibly summon those who need to be called in. Our consultants have already conducted a thorough job and submitted some data to us, but we need to ensure that the information reported is accurate. That’s why we are demanding that this documentation be submitted to the committee for comparative analysis,” he stated.
Mr Wadada noted that the organisations are expected to respond to the committee by November 25.
(NAN)
