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  • Business - Companies
  • Updated: 1 year ago

Electricity Firms Get One-year Waiver For Importation Of Meters

Electricity Firms Get One-year Waiver For Importation Of Met

Electricity companies can now import electricity meters without the mandatory import levy. The Federal Government made this announcement to support the industry's reform. The importation of the meters will now be tax-free, thereby, reducing the operational cost of the energy companies.

According to a Tweet from the Presidency, President Muhammadu Buhari directed that for the next one year, import levy should be waived for the electricity companies, "In line with the Federal Government’s commitment to supporting reforms in the electricity industry, and the implementation of @NERCNG’s Meter Asset Provider (MAP) scheme, President @MBuhari has approved a one-year waiver of Import Levy on electricity meters."

[READ ALSO: Deloitte, PWC Generate Over NGN180m From Dangote Cement, BUA Cement In Q2]

Nigerian Banks To Become Collection Agents For Electricity Payment

Earlier today, AllNews reported that Nigerian banks will become the collection agent for electricity bill payments. The electricity distribution companies will no longer be in charge of the collection as the Central Bank of Nigeria (CBN) intends to ensure discipline in payment of electricity fee.

According to a statement from the CBN’s director of banking supervision, Bello Hassan, the banks will now collect Discos' goods and service charges directly, as no entity, except the deposit money banks authorised by the CBN will handle payment collection.

The CBN said full responsibility for the collections and the remittances of the DisCos to both Nigeria Bulk Electricity Trading (NBET) and Transmission Company of Nigeria (TCN) will be handled by the banks that provide bank guarantees to NBET and TCN.

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