The Senate, last week reduced from 30% to 10%, the charge imposed on the total revenue generated from the operations of any company or authority, operating hydro-electric dams in any member state, Vanguard reports.
The decision was sequel to the passage of a Bill to amend the Hydro-Electric Power Producing Areas Development Commission (HYPPADEC) at the Upper Legislative Chamber. Presenting the report of its Committee on Power, Steel Development and Metallurgy, the chairman, Senator Enyinnaya Abaribe, PDP, Abia South, noted that the Bill was sponsored by former Senate President, David Mark.
According to him, the Bill also seeks to validate and give legal backing to the 10% HYPPADEC charge being deducted from companies operating since the commencement of the principal Act. In his remarks, Senate President, Bukola Saraki, said: “Now that we have passed the Bill, we hope that we will get the assent and the full implementation and takeoff of this commission that is highly required and needed.”topics from