Stamp duty: NIPOST boss, Accountant-General parley over revenue generation

The Accountant-General of the Federation, Ahmad Idris, has assured that his office will support every process that will facilitate the collection of government revenues without hindrance.

Idris, while receiving in his office the Postmaster-General of the Federation and Chief Executive Officer, Nigerian Postal Service, Dr Adebayo Adewusi, was told by the NIPOST Chief Executive Officer that the mandate to produce adhesive stamps, either as revenue stamps, postage or authentication stamps resides with the NIPOST.

He, therefore, promised to “support every process that ensures revenue of the government is collected unhindered.”
Idris further assured Adewusi that the office of the Accountant-General of the Federation will create a synergy for mutual cooperation between government sister agencies.

The visit was to seek the cooperation of the office of the Accountant-General in respect to the regulation of the Finance Act 2020, which empowers NIPOST as the sole authority to issue stamps for denotation and authentication of the document.

Adewusi said with the passage of the Stamp Duties Act, NIPOST has created a Stamp Authentication Compliance Department (SACD) to drive the process of implementation.

The Postmaster-General had earlier appreciated the Accountant-General of the Federation for the role he played during the imbroglio between NIPOST and the Federal Inland Revenue Service (FIRS).

He then urged the AGF to issue a treasury circular to direct all ministries, departments and agencies (MDAs) on the full compliance and implementation of the denotation of the physical stamp on all government transactions.

In the same vein, Adewusi solicited for a partial waiver for NIPOST to operate a Commercial Bank Account, to enable it to drive its Financial Agency Services, stating that the Treasury Single Account (TSA) hinders seamless cash disbursement of its International Money Transfer (inbound remittance) to beneficiaries.

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Stamp duty: NIPOST boss, Accountant-General parley over revenue generation