The Senate on Tuesday called on the Federal Government to implement the Executive Order on zero customs duty and zero Value Added Tax (VAT) on importation of commercial aircraft and aircraft spare parts.
It also called fir the implementation of the removal of Vslue Added Tax (VAT).
The Upper Chamber alsi advised the Central Bank of Nigeria (CBN) to make foreign exchange readily and easily accessible for the aviation sector.
It said that the apex bank should make the interest rate a single digit for airlines so as to reduce the cost of capital.
It called on the Federal Government to eliminate multiple taxes, fees and charges.
The Senate mandated its Committee on Banking, Insurance and other Financial Institutions to facilitate review of the National Insurance Commission (NAICOM) Act to grant the externalization of insurance placements for domestic airlines.
It also urged the Ministry of Aviation to allocate more entries and frequencies to domestic airlines on international routes.
Besides, it urged the Ministry to create a business-friendly environment for the air transport sector by fast tracking the clearance of Aircraft On Ground (AOG) spare parts.
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