The Nigeria Postal Service (NIPOST) is projecting an annual revenue of N60 billion from its newly launched N50 denomination revenue stamp.
The Minister of Communications and Digital Economy, Dr Isa Pantami, while unveiling the stamps in Abuja on Tuesday said the federal government had restored to NIPOST the legal responsibility to collect stamp duty in place of the Federal Inland Revenue Service (FIRS).
“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,” Pantami said.
He called on NIPOST workers to increase their revenue generation drive in order to improve the economy.
The NIPOST Board Chairman, Barrister Maimuna Yaya Abubakar, said the launch of the new revenue stamp had shown that the agency was finally free from all forms of constraints to execute its mandate of stamp duty collection.
“There is no need to overstate the obvious which is that NIPOST stamps have been unquestionably used since time immemorial as the only instrument for denoting duty”, she said.
The Post Master General of NIPOST, Dr Ismail Adewusi, said, “Stamps also serve as objects of visual communication and as a dependable recorder of events for posterity. Through stamps, NIPOST has documented Nigeria’s history, educating and preserving our national heritage among others.”