N50 Stamp Duty On Bank Customers Is Nigeria’s Next ‘Crude Oil’ – NIPOST


NAN – The Nigerian Postal Service (NIPOST) said yesterday that implementation of the stamp duty policy would become a huge revenue base for the country.

On January 19, the Federal Government announced that a stamp duty of N50 would be imposed on bank customers for money received into their accounts via electronic transfers, cash and cheque.

The CBN explained that the policy was part of efforts by the Federal Government to boost its revenue base in the non-oil sector.

The Corporate Affairs Manager of the Lagos Island Territory of NIPOST, Mrs Valerie Ekeogu, told the News Agency of Nigeria (NAN) in Lagos that the stamp duty would give government extra income to build infrastructure. Ekeogu said that income generated from the stamp duty policy would help in the effort to re-position NIPOST.

“The funds will stabilise NIPOST as an organisation that is over 100 years and has, hitherto, not been well funded. The stamp duty fund will resuscitate NIPOST and reposition it in boosting the economy of the country,” she said.

The manager said the injection of whatever percentage the government would give to NIPOST would go a long way to revitalizing and propelling the company to greater heights. She added that the fund would also re-awaken NIPOST to serve its customers better.

According to the manager, the fund will give succour to the more than 10,000 people working in NIPOST and motivate them to work harder. She noted that offering stamp services was the sole responsibility of the NIPOST, adding that the NIPOST had been discharging the function for many years.

Ekeogu urged Nigerians to support the policy, stressing that the benefits of the policy to the public and government could not be over-emphasised.

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