Stamp Duty NIPOST set to join FAAC

This will also strengthen the organisation's personal wealth, as it will  be allowed to keep a portion of the revenue accruing through stamp duties as the cost of collection, while the rest will go into the Federation Account

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Nigerian Postal Service play

Nigerian Postal Service

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Investigations has revealed that the Nigerian Postal Service might soon be classified as a revenue-generating agency according a Punch report.

As a result, NIPOST will join the elite club of government agencies that are members of the Federation Accounts Allocation Committee.

With the government keenly showing interest in income generation ventures, this move will generate about N2.5tn from stamp duties on financial services industry transactions per annum.

READ: Customers complaints as banks implement stamp duty

This will give the agency the opportunity to attend the monthly FAAC meetings as well as post-mortem meetings where revenues accruing to the nation are analysed and shared among the three tiers of government.

Other agencies which shall be part of the committee include the Nigerian National Petroleum Corporation, Federal Inland Revenue Service, Nigeria Customs Service and the Revenue Mobilisation Allocation and Fiscal Commission.

This will also strengthen the organisation's personal wealth, as it will  be allowed to keep a portion of the revenue accruing through stamp duties as the cost of collection, while the rest will go into the Federation Account.

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