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The Nigeria's $151 million Special Stamp

NIPOST Lekki Post Office [Photo: The Guardian NG]

Nigerian Postal Service (NIPOST) takes home N45.8 billion($151 million) on stamp duties put on electronic transactions by the Nigerian people. It is a great public innovation since no trees were actually destroyed as the stamp was only a line of regulation. Of course, NIPOST has to fight the tax agency which is claiming that the money is under its domain. Nigeria has invented a magic $151 million special stamp.

Nigeria has so far earned N45.8 billion naira from stamp duties following recently introduced reforms, the Chief Executive Officer of Nigerian Postal Service (NIPOST), Bisi Adegbuyi, has said.

Mr Adegbuyi disclosed this during a meeting with journalists in his Abuja office on Tuesday.

The NIPOST boss revealed that the federal government had raked in over N45.8 billion from stamp duties following the reforms introduced by President Muhammadu Buhari’s administration.

“What we have generated as at Friday, December 13, 2019 is N45.8 billion. The account was created in the name of NIPOST to collect the N50 stamp duty charges which is different from what FIRS is collecting,” he said.