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Buhari approves tax deferment for meters

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Buhari approves tax deferment for meters
by Nduka Chiejina
To make electricity metres affordable for Nigerians, President Muhammadu Buhari has approved a one-year deferment of the 35 percent import adjustment tax imposed on Fully Built Unit (FBU) electricity meters HS Code 9028.30.00.00.
Finance Minister Mrs. Zainab Ahmed requested approval to support the Nigerian Electricity Regulatory Commission (NERC) in rolling three million electricity meters, which is under the meter asset provider (MAP) framework.
Earlier, the 35 percent import adjustment tax, which was approved in 2015 on the importation of FBU electricity meters, attracted a 10 percent import duty rate under the ECOWAS CET.
According to Ahmed: “The 35 percent 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.”
She noted, “an important feature of the MAP regulation is a gradual upscaling of the patronage of local manufacturers of electricity meters with an initial minimum local content of 30 percent with the potential of significant job creation in the area of meter assembly, installation and maintenance.”
In applying to the President to defer the 35 percent levy, Ahmed stated “the application of the 35 percent levy on electricity meters – HS Code 9028.30.00.00 has created a significant challenge to the smooth implementation of MAP scheme of NERC”.
Though the 35 percent levy has been in existence since 2015, the MAP regulations by NERC in 2018 to bridge the current electricity metering gap, did not factor the 35 percent levy in arriving at the regulated cost of electricity meters to end-users (consumers).
It was also noted that electricity consumers have embraced the opportunities presented by the MAP regulations and signed off to pay for electricity meters at the regulated prices approved by NERC.
A total of six million consumers have so far indicated an interest in electricity meters.
According to the Finance Minister, “some of the approved investors under the scheme have also, prior to the implementation of the appropriate HS Code 9028.30.00.00 for the importation of electricity meters, proceeded to import a significant stock of meters for rollout. This is in line with the timelines issued by NERC and the service level agreement agreed with the Electricity Distribution Companies (DISCOs)”.
In view of the local content for sourcing of electricity meters, the Minister stated: “It is approved that 50 percent of the current demand for electricity meters be considered for importation at the ECOWAS CET import duty rate of 10 percent zero levies”.
This, she said, “is to immediately bridge the gap between the demand for electricity meters and local supply”.
It is also envisaged that this will provide protection for local electricity meter manufacturers and the opportunity to ramp local capacity in the production of meters.

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Happy wedding anniversary to Pastor jeremiah Nwabueze

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HAPPY WEDDING ANNIVERSARY TO PASTOR JEREMIAH NWABUEZE, LEAD PASTOR OF VICTORY RESOUNDING MINISTRIES AND HIS BEAUTIFUL WIFE, HELEN NWABUEZE

Surely the Lord has walked with you through the many years you have been together. To us, you are like a precious gem that guide us and show us the right path to follow.

Looking at how the love in your hearts shines through your eyes is enough to sign that true love does exist. Your marriage has worked out of love and hard work.

Looking back today we now know the meaning of he who finds a wife finds a good thing, your contribution to the body of Christ has been great.

Your love for God and people is indescribable, so may the favor of Almighty God be with you this day

Your marriage has been a lovely inspiration to many of us, you’ve shown us what true love is.

We pray that your marriage will last long in love, peace and joy unspeakable. God will always be present in your home and assignment. We celebrate today along side with the host of heaven.

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CCC Global Genesis Founder, Prophet Oladele Jailed For Defrauding A Woman

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CCC Global Genesis Founder, Prophet Oladele Jailed For Defrauding A Woman

A Lagos State High court on Wednesday (today) sentenced popular prophet and Sheperd-in-charge of CCC Global Genesis church, Prophet Israel Oladele Ogundipe to two-year imprisonment for defrauding an American based woman.

The trial judge, Justice Olabisi Akinlade sentenced Prophet Oladele after she found him guilty of two count charges out of the seven he was charged with.

Justice Akinlade in a judgment that lasted for about four hours sentenced the defendant, prophet Oladele to a year imprisonments for count two and four. She however discharged him of counts 1,3, 5 ,6 and 7 for lack of evidence against him.

Oladele was charged with seven counts charges bordering on fraud and obtaining money by false pretenses, preferred against him by the Lagos State government sometimes in 2007.

He was said to have defrauded one Mrs Olaide William Oni to the tune of eleven million naira (N11m).

He had however pleaded not guilty to the charge when he was brought before the court.

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BREAKING: SANWO-OLU TO ABOLISH PENSION FOR EX-GOVS, DEPUTIES

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BREAKING: SANWO-OLU TO ABOLISH PENSION FOR EX-GOVS, DEPUTIES

By Sodiq Oyeleke

Governor of Lagos State, Babajide Sanwo-Olu on Tuesday announced his intention to repeal the Public Office Holder (Payment of Pension Law 2007), which provides for payment of pension and other entitlements to former Governors and their Deputies.

He made this known while presenting the 2021 budget to the Lagos State House of Assembly.

Sanwoolu said the bill would be sent to the Lagos Assembly for legislative approval.

According to Sanwo-Olu, the abolition of pension for former governors and deputies will reduce the cost of governance.

He said, “Mr. Speaker and Honourable Members of the House, in light of keeping the costs of governance low and to signal selflessness in public service, we will be sending a draft executive bill to the House imminently for the repeal of the Public Office Holder (Payment of Pension Law 2007), which provides for payment of pension and other entitlements to former Governors and their Deputies.”

Detail later…

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