OrderPaperToday- The Nigeria Postal Service (NIPOST) did not generate income from stamp duties from 2004 to 2015, the House of Representatives Committee on Public Accounts (PAC) has learnt.

This was disclosed during its meeting with the Postmaster General of the Federation, Mr. Bisi Adebuyi.

Chairman of the committee, Mr. Oluwole Oke, expressed disappointment that the agency could not account for tax collected within the period in question, leading to loss of revenue by the federal government of Nigeria.

“What happened to collection between 2004 to 2015. Are you saying that you don’t have the record or no collection was made by any agency on behalf of the the government?

“This would amount to huge loss of revenue,” Oke said.

He stressed that NIPOST has a mandate by the law of the parliament to collect stamp duties, and, therefore, claiming that there was no collection between 2004 to 2015 was unacceptable and ridiculous to the parliament.

In his presentation to the legislators, the postmaster general informed them that NIPOST collected a total of  N43.4 billion as stamp duties from January 2016 to November 8, 2019.

“I am hereby announcing to the world that what we have collected so far from stamp duties, the sum of forty three billion, four hundred and twenty million from January 2016 to November 8, 2019, which is domiciled with the Central Bank of Nigeria (CBN),” he declared.

Reacting to enquiries on non-remittance, Adebuyi said, “To the best of my knowledge, Mr chairman,  no collection. At a time we were engaged with creating awareness on our digital services which was more of our priority.”

However, he yielded the floor to the NIPOST director of Finance and Investment, Mr. Usman Shaba, who  explained  that it was only in 2016 that the agency started collecting stamp duties through commercial banks.

He noted that before then, customers merely bought stamps to affix to their documents, while money generated from that was recorded as part of NIPOST’s Internally Generated Revenue (IGR).

The committee, in its ruling, requested for bank statements of NIPOST and invited all the banks collecting stamp duties on its behalf to appear before it next week Thursday.

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