– President Buhari has given new hope to the power users in Nigeria
– The president said the tax on the imported meters has been waived
– Buhari noted that the approval for the adjustment was on a request by the minister of finance, budget and national planning, Zainab Ahmed
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President Muhammadu Buhari has approved a one-year deferment of the 35% import adjustment tax (levy) imposed on Fully Built Unit (FBU) electricity meters.
Daily Trust reports that the federal government said six million power users are expected to get the device.
Legit.ng gathered that a statement from the ministry of finance, budget and national planning, said the HS Code 9028.30.00.00 tariff is under the 2019 fiscal policy measures for the implementation of Economic Community of West African States (ECOWAS), Common External Tariff (CET) 2017 – 2022 of the Nigerian Customs Service (NCS), approved in 2015.
It also noted that the approval for the adjustment was on a request by the minister of finance, budget and national planning, Zainab Ahmed, to support the Nigerian Electricity Regulatory Commission (NERC) in rolling 3 million electricity meters, which is under the Meter Asset Provider (MAP) framework.
“The 35% levy was imposed on the recommendation of the Federal Ministry of Industry, Trade and Investment, to encourage local production, as well as protect investments in the local assembly of electricity meters,” Zainab said in the request.
The MAP regulation stipulates that a MAP firm must source a minimum of 30% of their contracted metering volumes from local meter manufacturers.
Meanwhile, Legit.ng had previously reported that the Nigerian power industry achieved a monumental achievement as the national grid recorded a new peak of 5,420.3MWs, which is the highest ever recorded in the power sector.
It was reported that the Transmission Company of Nigeria (TCN) announced this on Thursday, August 20, through its general manager, (public affairs), Ndidi Mbah.
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