Business
FG To Unbundle NIPOST – Post-Master General

Amidst dwindling fortunes and changing global trends, the Federal Government has concluded plans to unbundle the Nigeria Postal Service (NIPOST) and create subsidiaries that will generate more revenues.
Post-Master General, Dr Ismail Adebayo Adewusi made the disclosure in Abuja when the Senate Committee on Communication visited him.
He said: “The agency will soon be unbundled into subsidiary companies in the mode of property development and logistics and transport company.
The subsidiary companies are expected to go into e-commerce, banking, internet post, among others which are the trends globally.
Members of the committee led by their chairman, Senator Oluremi Tinubu, in their responses, tasked the Post Master General to think out of the box in confronting challenges facing the agency.
Tinubu, in particular, said: “Though the issue of Finance Act will be looked into by way of amendments since laws are not cast in stone, other challenges should be confronted within by thinking out of the box.
“We are impressed with the move already being made in unbundling the agency. We are very much ready to support you on this wonderful initiative with the required legislations.”
The committee had before visiting NIPOST headquarters, made a stop at the Nigerian Communications Commission (NCC) in Maitama, Abuja, where submissions made by the Executive Vice Chairman of the Commission, Prof. Umar Dambata, were more of achievements than lamentations.
Adewusi had, while lamenting the challenges facing the service, said the Finance Act was crippling NIPOST financially.
He also lamented that non-release of N40 billion estimated for transforming its services from analogue to digital since 2005, made it remain backward in postal services.
According to him, the Finance Act 2020 predicated on Finance Bill 2019 passed by both chambers of the National Assembly, has an injurious provision against NIPOST operations in terms of revenue generation.
“Specifically, the Act in one of its provisions removed the legal mandate of NIPOST on stamp creation, which further worsened the inter-agency rivalry that had been existing between NIPOST and the Federal Inland Revenue Service (FIRS) on stamp duties collection.
“While billions of naira as revenues from stamp duties have been lying idle with the Central Bank of Nigeria (CBN), over the controversy of the right of ownership between NIPOST and FIRS. the incapacitation of the agency from creating stamps, has further worsened its financial status.
“This is even as the Federal Government since 1998, stopped funding the agency as far as capital budget is concerned.
“The agency in the light of these overwhelming challenges, appeal to the Senate Committee on Communications to come to its rescue by amending the provisions of the Financial Act incapacitating it from carrying out its traditional mandate of stamp creation with attendant crippling financially.
He also appealed to the senators to help fast track re-consideration and possible passage of the Postal Reform Bill which he said, will help in bringing about the required transformations of the agency.
He, however, assured the senators that despite the daunting challenges affecting its operations, efforts were already been made to reposition it digitally.
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Blue Economy: Minister Seeks Lifeline In Blue Bond Amid Budget Squeeze

Ministry of Marine and Blue Economy is seeking new funding to implement its ambitious 10-year policy, with officials acknowledging that public funding is insufficient for the scale of transformation envisioned.
Adegboyega Oyetola, said finance is the “lever that will attract long-term and progressive capital critical” and determine whether the ministry’s goals take off.
“Resources we currently receive from the national budget are grossly inadequate compared to the enormous responsibility before the ministry and sector,” he warned.
He described public funding not as charity but as “seed capital” that would unlock private investment adding that without it, Nigeria risks falling behind its neighbours while billions of naira continue to leak abroad through freight payments on foreign vessels.
He said “We have N24.6 trillion in pension assets, with 5 percent set aside for sustainability, including blue and green bonds,” he told stakeholders. “Each time green bonds have been issued, they have been oversubscribed. The money is there. The question is, how do you then get this money?”
The NGX reckons that once incorporated into the national budget, the Debt Management Office could issue the bonds, attracting both domestic pension funds and international investors.
Yet even as officials push for creative financing, Oloruntola stressed that the first step remains legislative.
“Even the most innovative financial tools and private investments require a solid public funding base to thrive.
It would be noted that with government funding inadequate, the ministry and capital market operators see bonds as alternative financing.
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