Nigeria earns N45.8 billion naira from stamp duties – NIPOST head

Nigeria has so far earned N45.8 billion naira from stamp duties following recently introduced reforms, the Chief Executive Officer of Nigerian Postal Service (NIPOST), Bisi Adegbuyi, has said.

Mr Adegbuyi disclosed this during a meeting with journalists in his Abuja office on Tuesday.

The NIPOST boss revealed that the federal government had raked in over N45.8 billion from stamp duties following the reforms introduced by President Muhammadu Buhari’s administration.

“What we have generated as at Friday, December 13, 2019 is N45.8 billion. The account was created in the name of NIPOST to collect the N50 stamp duty charges which is different from what FIRS is collecting,” he said.

He refuted the claim of a brewing conflict between NIPOST and the Federal Inland Revenue Service (FIRS) over the remittances of stamp duties.

“A circular was issued from the office of Accountant General of the Federation to both FIRS and NIPOST, that FIRS should collect access duties on contract agreement while NIPOST is to collect physical and electronic charges (N50) on items that are not accessed such as receipts, employment letters, Birth Certificates and so many other things,” he said

“There is actually no conflict as far as NIPOST is concerned between it and FIRS on the matter of stamp duty collection.”

PREMIUM TIMES reported how the Minister of Communications and Digital Economy, Isa Pantami, directed the termination of cash payment in NIPOST offices in Nigeria.

The directive is to stop corruption in cash transactions.

The minister said all payments across NIPOST offices in Nigeria should be made through Point of Sales (POS) machines or bank teller.

Mr Adewuyi revealed that the agency had not derailed from its responsibility of production, printing and sales of stamps and had moved from manual to electronic stamps.

More advancement

He said the agency is currently undergoing digital transformation that would change the narrative of postal services in the country.

According to him, NIPOST had deployed ICT solutions/platforms to attain about 70 per cent automation of all its systems and operations across the country and by 2020 the systems would be fully automated.

For NIPOST, he said, leveraging on digital technology to address the socio-economic problems confronting the nation was eminent.

“What we are doing currently is to change the narratives of postal service system in Nigeria by leveraging on technological platforms to drive financial inclusion,” he said.

He added that the new initiative seeks to create jobs opportunities, enhance access to credit for small and medium scale business and assist government to address the current security challenges.

“We are currently partnering with JAMB, NIMC and other institutions and agencies of government to make our operations robust particularly in the financial services sector, e-governance, remittances, parcel and postal services .

“The CBN has also granted NIPOST the license for money transfer because of our large presence in all the local government councils in the country.

“We are aggregating all the e-government centres, Road Safety, Immigration Service, amongst others to ensure that the common man will benefit from them through the Postal Service System,” he said, adding that payment of pensions to retirees in rural settings through the Postal Service system would reduce “the stress associated with pension payment and lots of lives would be saved as well from the risks associated with travelling.”