The Senate has requested the Central Bank of Nigeria and the Federal Inland Revenue Service (FIRS) to provide detailed information on revenue generated and utilisation from stamp duty payments.
The Chairman of the Senate Committee on Public Accounts, Sen.Aliyu Wadada, disclosed this while briefing journalists on Thursday in Abuja.
Wadada said the investigation is to ensure that the government maximises its revenue from the stamp duty.
He added that the committee had written to all commercial banks to furnish it with information, accompanied by figures as to how much a particular bank or collectively all the commercial banks have generated from 2016 to 2024 as stamp duty revenue.
“It is of course, by law, expected that whatever these commercial banks put together as revenue from stamp duty, charged by the banks, is or are supposed to be remitted to CBN.
“So the committee has written to the CBN to furnish it with information, accompanied by figures as to how much has actually been remitted by these commercial banks to CBN and how much CBN has remitted to the TSA.
“The second category is of course, limited liability companies and oil and gas companies; they also charged stamp duty like commercial banks, and the committee has also written to them.
“This committee has also written to the FIRS for it to furnish the committee with information that should also be accompanied by figures as to how much FIRS has generated on this category of stamp duty,” the chairman stated.
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