Wednesday, January 27, 2021

FG to generate N7bn tax annually from Solar power program

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The Federal Government has said the roll out of five million new solar power connections in off-grid communities is to generate an additional N7bn in tax revenues annually to Nigeria.

According to the government, the programme was also expected to generate $10m in annual import substitution for the country.

The Managing Director, Federal Government owned Rural Electrification Agency, Ahmad Salihijo, said the solar connection scheme would expand energy access to 25 million individuals through the provision of Solar Home Systems or connection to a mini-grid.

Salihijo, who disclosed this at a press briefing on the Solar Power Nigeria Programme in Abuja, said the initiative would also help to address the challenge of access to affordable finance through a Central Bank of Nigeria facility.

He said the facility would make low-cost local currency debt available to qualified companies, adding that the programme would increase local content in the off-grid solar value chain and facilitate the growth of the local manufacturing and assembly industry.