Nigeria: Nipost Generates N 5b as Revenue

The Nigerian Postal Service said it has realized the sum of N 3,836,021,089.88 in 2006 fiscal year. According to the organization, another sum of N 1, 983, 335, 606.28 was also generated between January and June this year.

Postmaster general of the federation, Mallam Ibrahim Mori, announced this yesterday in Abuja at the ceremony to mark this years’ World Postal Day. According to Mori Baba, the sum of N 3,836,021,089.88 realized in 2006 fell short of the total projection of N 4,117,654,000 in the year.

Although, NIPOST earned N 1, 983, 335, 606.28 revenue between January and June 2007, the Postmaster General said the amount equally fell short of N 2, 274, 528, 000.00 budgeted for the period.

Despite the inability of the organization to meet the revenue target set for itself, Mori Baba still insisted that NIPOST management is in the right direction.

Launching the new vehicles, the Minister of Information and Communication, Mr John Odey said the 25 vehicles were purchased at the cost of N 56, 481, 875.00 through the Universal Postal Union Quality of Service funds.

Speaking further, the Minister disclosed that the Federal Government has engaged NetPost of consultancy of the Netherlands to work out specific and acceptable reform programme for the NIPOST.

According to Odey, the objectives of the postal reform include: to formulate a postal sector policy strategy, to design and develop a postal legislation, to establish an independent sector regulator and to restructure NIPOST into new business units.

“The achievements recorded by NIPOST in the past six years has received national and international commendations to the extent that today Nigeria occupies some important positions in both Universal Postal Union and the Pan African Postal Union (PAPU)”, the minister said.

Continuing, Mori Baba stated that NIPOST has put in place surveillance teams in all major post offices across the country to oversee the processing, bagging and dispatch of both local and international mail items.

1 US Dollar = 126.890 Nigerian Naira