The Senate on Tuesday threatened the complete privatization of the Nigerian Postal Service (NIPOST) if the agency continues operating at a loss.
Chairman of the Joint Committee on Finance, Senator Sani Musa, issued a cautionary statement at the Abuja public hearing on the 2024-2026 Medium-Term Expenditure Framework (MTEF).
While questioning Omotola Odeyemi, the Post-Master General of the Federation (PMG), the Chairman criticized the inadequate functionality of NIPOST offices nationwide and the dismal revenue generation, especially from stamp duties.
The committee instructed the PMG to furnish the Upper chamber with a list of all organization staff, along with their allocations and salaries, for further scrutiny.
Additionally, NIPOST was granted a two-year period to formulate a strategy for revitalizing the service and altering the business model to attain self-sufficiency instead of running at a deficit. Failure to do so would prompt the committee to enact legislation mandating complete privatization.