The Senate on Thursday reduced from 30 percent to 10 percent, charge imposed on the total revenue generated from the operations of any company or authority operating hydro-electric dams in the country.
This position followed 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, Sen. Eyinnaya Abaribe, said the Bill was sponsored by Sen. David Mark.
“The Bill seeks to amend the Hydro-Electric Power Producing Areas Development Commission Act by reducing from 30 percent to 10 percent being charges imposed on the total revenue generated from the operations of any company or authority operating hydro-electric dams in any member state.”
He added that it also sought to validate and…
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