NIPOST rues N1tn lost annually on stamp duties

The Federal Government loses over N1tn annually for not implementing the stamp duty law that was enacted in 2006, the outgoing Postmaster-General of the Federation and Chief Executive Officer of the Nigerian Postal Service, Mallam Ibrahim Mori-Baba, has said.

He spoke to journalists during a valedictory session organised for him by NIPOST staff in Abuja on Tuesday.

Mori-Baba attributed the inability of NIPOST to generate extra income to the non-implementation of the stamp duty law, enacted in 2006.

He said the Federal Government was losing over N1tn annually as a result of the stamp duties law that was not implemented on the financial sector, adding that this was aside other accruals from ministries, departments and agencies of government.

The outgoing PMB added that if 10 per cent of this amount was given to NIPOST, the organisation would have been able to expand its services.

Mori-Baba, however, added that the responsibility for the implementation of this Act lay with the Office of Accountant-General of the Federation.

He said, “We are to provide the instrument, which is the stamp. The Office of the Accountant-General of the Federation and the ministry should see to the implementation of this Act.

“One thing that has been bothering us very seriously, which I believe this National Assembly will address, is the Postal Reform Bill aimed at commercialising our operations and service. Government’s desire to commercialise the postal sector has been ongoing since the 90s when NIPOST was given some autonomy to operate.”

Mori-Baba expressed optimism that the Bill would be passed before the end of the year so that NIPOST would assume its rightful place in business and service delivery.

He said, “Our desire to make the post office a one-stop shop motivated us to adopt new technologies, not only to enhance speed and efficiency in service delivery, but also as a means of capturing new business opportunities provided by e-commerce and other electronic and financial services.”

Mori-Baba noted that more than 70 per cent of post offices had been equipped with ICT facilities, while 80 per cent of its offices across the country had been modernised.