Lagos might raise NGN170 million from car radio license

Lagos might raise NGN170 million from car radio license

Lagos, Nigeria’s commercial capital will be adding NGN500 (USD1.5) annual car radio license to every annual vehicle license renewal.

Sources at Lagos state Motor Vehicle Administration Agency (MVAA), confirmed the new policy. The levy will not be paid in isolation but an add on to the annual vehicle license fee.

There are no opposition to the new levy. The initiative was rejected during the last administration of Governor Babatunde Raji Fashola.

According to data from the Federal Road Safety Corp, there about 5 million registered cars in Nigeria with about 30% of them in Lagos.

The implementation of this new levy generate over NGN170 million for Lagos annually. Lagos is Nigeria’s richest state with about USD1 billion gross revenue in 2016.

Note: NGN314.75 = USD1