NIPOST’s revenue falls by 44% in 4 yrs – NBS

The National Bureau of Statistics (NBS)’s report has shown that the Nigerian Postal Service (NIPOST) generated N3.01 billion as revenue in 2022 — a 43.9 percent decrease compared to N5.37 billion earned in 2019.
The bureau in its 2022 postal services data released on Monday said the total revenue made from postal activities in 2022 fell by 17.05 percent from N3.63 billion in 2021 to N3.01 billion in 2022. It further dropped by 44 percent when compared to the 2019 figure.
The agency said Nigeria had 2,794 post offices and postal agencies in 2021. However, by 2022, the number decreased by 19 percent to 2,251.
Despite the decline in the number of post offices, the bureau said the number of mail received from abroad and delivered in Nigeria increased by a whopping 107 percent, from 9.4 million in 2019 to 19.5 million in 2022.
Further analysis showed that revenue from Postcash, an electronic money order service that sends and receives money nationwide and worldwide, increased by 3,424 percent from N458,546 in 2019 to N16.16 million in 2022.
The federal government had in August 2021 unveiled plans to unbundle NIPOST into three viable subsidiary companies — a property company, a microfinance bank, as well as a transport and logistics company.
In a bid to revamp the agency, a lot of changes took place, forcing NIPOST workers in January this year, to embarked on a protest over “irregularities” in the ongoing reform/commercialisation of the agency.
The workers — under the umbrella of the Senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASCGOC) and the National Union of Postal and Telecommunications Employees (NUPTE) — alleged that government has not been transparent in every aspect of the reform.