Senate moves to privatise NIPOST over low revenue generation
The Senate, during a plenary session on Tuesday, threatened the complete privatisation of the Nigerian Postal Service (NIPOST) for continually operating at a loss.
Chairman of the Joint Committee on Finance, Senator Sani Musa, issued the warning during the continuation of the 2024-2026 Medium-Term Expenditure Framework (MTEF) public hearing in Abuja.
Quizzing the Post-Master General of the Federation (PMG), Omotola Odeyemi, the Chairman berated the lack of functionality of NIPOST offices across the country and the abysmal revenue generation, particularly from stamp duties.
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The committee therefore directed the PMG to provide the names of all staff of the organisation, allocation and salary to the committee for further investigation by the Upper Chamber.
It also gave NIPOST two years to establish a plan on how to revamp the service and change the business model to achieve self-sustenance rather than operating at a loss, otherwise, it would enact legislation to ensure total privatisation.