Federal Government shoots up price of number plates for vehicles.
Written by crest887fm on August 13, 2021
The Federal Government has commenced the implementation of new rates for vehicle number plates and driving licence across the country.
According to the Joint Tax Board, Nigerians will now pay N18,750 for standard private and commercial number plates against the old rate of N12,500.
Fancy number plate which was N80,000 is now N200,000; motorcycle number plate is N5,000 from N3,000 while articulated number plates (three plates) attract N30,000 from N20,000. For these rates, the minimum increase is 50 per cent.
Out of series number plate has also been revised to N50,000 from N40,000 while government fancy number plate is N20,000 against the former N15,000 rate.
Driving licence (three years) was raised to N10,000 from N6,000, excluding bank charges; licence for five years is N15,000 from N10,000 while motorcycle/tricycle driving licence (three years) goes for N5,000 from N3,000 while the one for five years attracts N8,000 from N5,000.
The decision was taken at the 147th meeting of the JTB, which held in Kaduna on March 25.
A letter by the JTB titled ‘Implementation of the revised rates for vehicles number plates and driver’s licence in Nigeria’, dated July 30, 2021 and signed by the board secretary, Obomeghfe Nana-Aisha, directed various federal and state agencies to commence the implementation of the rates.
Members of the JTB established by section 86 (1) of the Personal Income Tax Act cap. P8 LFN 2004, include the Chairman of the Federal Inland Revenue Service as the chairman of the board; one member from each state and representatives of the Federal Road Safety Commission; Revenue Mobilisation Allocation and Fiscal Commission; Federal Capital Territory Administration; Federal Ministry of Finance; and Federal Inland Revenue Service.
Meanwhile, the FRSC Corps Public Education Officer, Bisi Kazeem, has dismissed a report circulating on social media that the agency was behind the hike, noting that the FRSC was not a revenue generating agency.
He also described as incorrect the report that the standard number plate was N55, 000.