FG Repositions NIPOST as Legal Producer, Collector of Stamp Duty

Bukola Olanrewaju March 14, 2021 TECHNOLOGY Leave a comment

…Unveils 60th Independence Anniversary Commemorative Stamps

The Nigerian Government has finally repositioned Nigerian Postal Service (NIPOST) as the legal statutory body saddled with the responsibility of stamp duty collections and production of stamps.

This move was made know by the Minister of Communications and Digital Economy, Dr Isa Ali Ibrahim Pantami at the unveiling of the Diamond anniversary commemorative postage stamps in Abuja.

The minister stated that the efforts regarding the issue of stamp duty collection with other government Institutions have yielded positive results.

Pantami noted that “NIPOST has been recognised as a government agency with statutory and historical authority to be the producer of stamps and recognised for collection of stamp duties for validation of financial transactions in the country.”

Also Read:

Recall, two government agencies Federal Inland Revenue Service (FIRS) and the Nigeria Postal Service (NIPOST) had been engaged at loggerheads over whose responsibility it is to collect the Stamp Duty charge for the government.

Speaking on this, Pantami further noted that despite the enormous challenges bedevilling NIPOST, FG is committed to repositioning the organisation to attain its maximum potential in adding value to the economy.

To this end, Pantami has championed and established the recognition of NIPOST as the legal producer of stamp duties through the Finance Act of 2020, a move that strategically empowers the institution to generate revenue.

While expressing his gratitude to the National Assembly particularly, the relevant committees for their unflinching support in the journey so far and reiterated his commitment to taking NIPOST to unprecedented heights, the minister noted plans had reached an advanced stage to unbundle NIPOST into three companies to boost its operations, while efforts are on the pipeline for Federal Executive Council to approve the renovation and rehabilitation of all its dilapidated offices across Nigeria.

He said challenges of regulation; policy and financing confronting NIPOST over the years are being addressed to place the Agency on a platform that would enable it to generate revenue for the Federal Government.

ALSO READ: FG Places Suspension of USSD Banking Services on Hold

Pantami noted that 97 per cent of the rules making procedures of NIPOST is being done to facilitate robust debates on the Acts establishing the Agency.

Speaking at the unveiling ceremony, he noted that the significance of the stamps is deeply rooted in our national history as an independent nation.

“The stamps bring to life, our founding fathers and the roles they played birthing our independence from our colonial masters. This set of stamps illustrate the fact that we can achieve greater success, when we are united, regardless of our diverse ethnocultural and religious differences. Furthermore, these stamps are to be used in authenticating and validating our official documents”

Earlier in his welcome remarks, Dr Ismail Adewusi, NIPOST Post Master General (PMG) said that the postage stamps were produced to celebrate the nation and document it for posterity.

Adewusi noted that NIPOST had been part of the socio-cultural and economic growth of the country by the pictorial capturing of the country’s journey, via stamps.

He traced the history of postage stamps back to 1840 in the British Empire when the first set of postage stamps were introduced and later led to other postal reforms.

“Postage stamps were introduced to profer solutions the prevailing communications and fiscal challenges in the British government,” he said.

Adewusi said postage stamps tell the true history of Nigeria as recorded through its lens.

“Postage stamps are a true recorder of events for history and witness to human civilization. We offer user-friendly products at our different postal formations across the country,” he said.