The Federal Government on Thursday declared that the Nigerian Postal Service (NIPOST) is the agency authorised to produce and collect stamp duties in Nigeria.
Minister of Communications and Digital Economy, Isa Pantami, disclosed this in Abuja on Thursday, during the unveiling ceremony of Nigeria’s 60th Independence Anniversary Commemorative Postage Stamps.
With the latest declaration, NIPOST will take over the collection of stamp duties from the Federal Inland Revenue Service (FIRS), bringing an end to the scuffle between the two agencies on who had the right to collect stamp duties in the country.
Pantami said 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,” he said.
The minister further noted that in spite of the enormous challenges bedevilling NIPOST, t Federal Government is committed to repositioning the organisation to attain its maximum potential in adding value to the economy.
There has been contention between the FIRS and NIPOST over which agency is the custodian of stamp duty following the implementation of the Stamp Duty Act.
NIPOST had insisted that it had the statutory power to print, mint, produce, retail, and provide adhesive postage stamps.
According to the 2019 finance act, a N50 stamp duty is payable on any bank deposit or transfer of N10,000 or more, except deposits or transfers between accounts maintained by the same person in the same bank.