We consulted OAGF, operate a CBN approved Stamp Duty account – NIPOST replies FIRS— 1mins read

THE Nigerian Postal Service says that the stamp duty account it operates was opened in consultation with the Office of the Accountant General and approval of the Central Bank of Nigeria (CBN).

The NIPOST said this in a statement on Sunday signed by Frank Alao, its General Manager, Corporate Communications, in response to an allegation by the Federal Inland Revenue Service (FIRS) that accused  NIPOST of operating illegal stamp duty account.

“The account that the Director of Communication of FIRS made reference to as “illegal” was opened by the Central Bank of Nigeria under the Treasury Single Account (TSA) in consultation with the office of Accountant-General of the Federation in the name of NIPOST stamp duties collection account when CBN gave instruction to Deposit Money Banks (DMB) to commence the deduction of N50 stamp duties from bank customers accounts,” Alao explained in the statement.

The NIPOST stated that the allegation of the FIRS is false and was made to misinform and mislead the public.

“We hereby state categorically that the statement is false and made to misinform and mislead members of the public,” he added.

The postal agency further stated that the Stamp Duty account belongs to the Federal Government, noting that it does not have access to the money in the account.

“The account belongs to the federation and NIPOST does not have access to whatsoever monies lodged into the account, as such the question of illegality and misappropriation does not arise,” NIPOST wrote.

It further noted that like other nations and historically in Nigeria, it has been produced postage stamps and revenue stamps for the federal government.

“Historically, the post in Nigeria, just like in the comity of nations, has at different times produced adhesive postage stamps and revenue stamps for the federal government. It is to this end that NIPOST seeks the proper implementation of the Finance Act,” NIPOST stated.

The FIRS and NIPOST had started a twitter war over the rights to stamp duty collection in accordance with the directive of the CBN.

The postal agency called out the FIRS alleging that the revenue service has taken over the responsibility of the agency.