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Proof of Ownership: The Federal Government of Nigeria expects to generate N12 billion from the sale of 12 million vehicles.

The Federal Government of Nigeria expects a windfall of billions of naira from the recently implemented automobile tax. The imposition of an annual levy of N1,000 for a Proof of Ownership certificate will help the Federal Government’s finances. With over 12 million automobiles in the country, this might result in anticipated gross receipts of N12 billion.

The imposition of a N1,000 annual fee for a Proof of Ownership Certificate on all automobiles in the country by the Federal Government will generate around N12 billion in revenue. This is based on data-driven estimations of the new price multiplied by the number of vehicles available within the country’s borders.

The Federal Government of Nigeria has implemented a new policy that requires motorists to pay a N1,000 annual fee to verify their Proof of Ownership Certificate.

 

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