We can’t access N63bn stamp duty at CBN – NIPOST
The Nigeria Postal Service (NPOST) cannot access N63 billion stamp duty and other revenues at the Central Bank of Nigeria (CBN) on the orders of the Federal Ministry of Finance, Budget and National Planning. The PostMaster General (PMG), Adebayo Adewusi, Mr. Adewusi who appeared before the House of Representatives Committee on Finance on the 2023-2025 […]
The Nigeria Postal Service (NPOST) cannot access N63 billion stamp duty and other revenues at the Central Bank of Nigeria (CBN) on the orders of the Federal Ministry of Finance, Budget and National Planning.
The PostMaster General (PMG), Adebayo Adewusi, Mr. Adewusi who appeared before the House of Representatives Committee on Finance on the 2023-2025 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) on Wednesday, said it was due to disagreement between NIPOST and the Federal Inland Revenue Service (FIRS) over stamp duty collection.
Adewusi also said if there is no intervention to rescue the agency, it is a matter of time before it goes down due to a lack of revenue.
He said: “It was taken away. We just woke up one day and discovered that the money was no longer in our account with CBN, and we started making enquiries about what happened. We got to know later from the CBN, that it was a directive from the ministry of finance.
“Well, in the sense that, the way we operate today, NIPOST is comatose. It is just a matter of time before NIPOST eventually dies if there is no intervention,” he explained.
The Deputy Chairman of the Committee, Sa’idu Musa Abdullahi encouraged NIPOST to key into the opportunities provided by technology and the changing business environment.
“We understand you have a herculean situation, a difficult situation, I have been part of the issues that you are confronted with. But we have a law, the Finance Act which you confirmed that you are aware of.”
He said there could be an amendment of the Act or NIPOST could make a case before the ministry of finance.
When contacted on why CBN withheld the collection, the apex bank’s spokesperson, Osita Nwanisobi, told our reporter on telephone that he was not aware. He said: “I don’t know. You are just telling me; I need the details”.