Reps approve recommendation to wind up NIPOST subsidiaries, probe N10bn restructuring fund

The house of representatives has approved the winding up and deregistration of the subsidiaries of the Nigerian Postal Service (NIPOST), deeming their establishment irregular and illegal.

During a plenary session on Tuesday, the house committee on finance, loans, and debt management also directed an investigation into the N10 billion released by the ministry of finance for the proposed NIPOST restructuring and recapitalisation.

According to the lawmakers, if the funds were found to be misappropriated, it must be fully recovered.

This decision comes as part of the house’s ongoing efforts to enhance transparency and accountability in the public sector.

In 2021, the federal government unveiled plans to unbundle NIPOST into three viable subsidiary companies — a property company, a microfinance bank, as well as a transport and logistics company.

But earlier this year, NIPOST workers embarked on a protest over “irregularities” in the ongoing reform/ commercialisation of the agency.

In addition, the lawmakers further called for a thorough examination of all tax waivers granted since 2015, excluding those directly associated with non-governmental and non-profit organisations.

This is coming two months after Taiwo Oyedele, chairman of the presidential tax reform committee, said there were plans to review tax waivers given to companies operating in Nigeria.

Oyedele said the incentives gulped N6 trillion every year.