Stamp duty fetches FG N45.8bn



At an interactive session yesterday with newsmen in Abuja, the Post Master General/Chief Executive Officer of Nigerian Postal Service (NIPOST), Barrister Bisi Adegbuyi revealed that the Postal Service collected N45.8 billion as proceeds from stamp duty as of December 13, 2019.


 

He said the collection of stamp duty is the statutory duty of the postal agency, as clearly stated in the Stamp Duty Act, adding that stamp duty is supposed to be one of the major revenue earners for the government for infrastructural development.

 

Bisi disclosed that a committee has been constituted to audit banks that collect stamp duty to ensure that actual amount collected by them is remitted to the stamp duty account, domiciled in the Federation Account.

 

He said there is no conflict between NIPOST and the Federal Inland Revenue Service(FIRS) in the collection of stamp duty.

 

To ensure efficient service delivery, he said plans were underway to ensure partial commercialisation of NIPOST, adding that it would be one of the major cardinal mandates of NIPOST in 2020.

 

He noted that already National Council on Privitisation had commenced work on the partial commercialisation of NIPOST, adding that the Bureau of Public Enterprises (BPE) had also appointed a world class advisor to realise the objective.