PROCEEDINGS OF THE NIGERIAN SENATE OF WEDNESDAY, 22ND MAY, 2019Welcome to a new Legislative Day in the Senate of the Federal Republic of Nigeria! Photo/Facebook/NgrSenate
When assented to by President Muhammadu Buhari, the proposed law would be funded from levies on imported and locally refined petroleum products; axle load control charges, toll fees, international vehicle transit duties, inter mass transit user charges, roads fund surcharge, leases, licences or other fees from non-vehicular usages.
On road fund surcharge, it stipulates a 0.5 per cent payment on the assessed value of any vehicle imported at any time into Nigeria, adding that the money must go into the designated accounts of the Fund with evidence provided to the Nigeria Customs Service for clearance. It added that the fee shall be deducted from the pump price of petrol and diesel and paid into the fund, pointing out that the minister shall in consultation with the Minister for Petroleum review the amount to be charged as fuel levy periodically.
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