The administration of President Bola Ahmed Tinubu has introduced yearly payment of N1000 for every private and commercial vehicle owner across the country beginning from July.
This mandatory tax would be carried out by the Federal Government inform of issuance of Proof Of Ownership Certificates for all private and commercial vehicles in the country.
Nonetheless, there will be an annual price of N1,000 for each vehicle’s POC. The policy’s execution will start in Lagos in July.
Engr AbdulHafiz Toriola, permanent secretary of the Lagos State Ministry of Transportation, said this at a briefing for the media in Lagos.
He said, “I am pleased to announce the implementation of a new initiative that aims to streamline and enhance the process of vehicle ownership verification which is the “annual PROOF OF OWNERSHIP CERTIFICATE (POC) in line with compliance with legal requirement fundamental to transparency, security and accountability within transportation network.
“This initiative is in accordance with the National Road Traffic Regulation 2012 as amended, No. 101, Vol. 99; Section 73- (1) which states that ‘There shall be Proof of Ownership Certificate for all registered Vehicles’. Section 73- (1-6) also added that ‘The commission shall establish and maintain a Central Data Base for Vehicles and drivers for the federation’.
“To this end, the Federal Government has introduced the issuance of annual Proof of Ownership Certificate for all registered vehicles. This certificate will serve as official documentation of a vehicle’s legal owners upon successful completion of the necessary requirements and procedures.
“The POC will contain vital information including the vehicle’s registration details, such as, license number plate, model, year of manufacture in addition to owner’s name and address.
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“Having critically reviewed the challenges encountered in ensuring promotion of Safety and Security of lives and property through the issuance of POC nationally and especially in our Dear State, the Joint Tax Board in its communiqué issued at the end of the emergency meeting held on 9th May, 2023 adopted and made a resolution that proof of ownership certificate (PoC) be issued to motorists on an annual basis nationwide.
“This decision among other things is aimed at tracking the real time status and guarantees the integrity of all vehicles registered on the National Vehicle and Identification Scheme (NVIS) database.
“Distinguished Members of the Press, for effective security administration, the annual POC is specially printed and is connected with other vehicle documents in the state through the following benefits:
“Statistics of vehicular population nation-wide can easily be obtained. Solution to minimization of car theft and recovery of stolen vehicles. Streamline the fulfillment of uniform licensing scheme mandate.
States motor vehicle documents can easily be verified regardless of the issuing state. Safety and security of vehicles and their owners. Enhance National Vehicle database for national security. For planning and economic development.
“Ladies and gentlemen, we believe that the POC will help track the real time status and guarantee the integrity of all vehicles registered on the National Vehicle and Identification Scheme (NVIS) database and it is based on the safety and security it guaranteed that the Governor of Lagos State, Mr. Babajide Olusola Sanwo-Olu has approved for its commencement in Lagos State, hence this briefing to enlighten the public”.