The Federal Government has announced value added tax (VAT) exemptions for various energy products, including diesel, liquefied natural gas (LNG), also known as cooking gas, Compressed Natural Gas (CNG), electric vehicles, among others, to crash prices.
This is contained in a statement by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on Wednesday.
According to Edun, these measures aim to reduce the cost of living, enhance energy security, and speed up Nigeria’s shift to cleaner energy sources.
The government also announced the introduction of the Notice of Tax Incentives for Deep Offshore Oil & Gas Production that provides new tax reliefs for deep offshore projects.
The statement issued by the Federal Ministry of Finance said, “The VAT Modification Order 2024 introduces exemptions on a range of key energy products and infrastructure, including diesel, feed gas, liquefied petroleum gas (LPG), Compressed Natural Gas (CNG), electric vehicles, liquefied natural gas (LNG) infrastructure, and clean cooking equipment.
“These measures are designed to lower the cost of living, bolster energy security, and accelerate Nigeria’s transition to cleaner energy sources.
“In addition, the Notice of Tax Incentives for Deep Offshore Oil & Gas Production provides new tax reliefs for deep offshore projects.”
According to the statement, “This initiative is aimed at positioning Nigeria’s deep offshore basin as a premier destination for global oil and gas investments.
“These reforms are part of a broader series of investment-driven policy initiatives championed by His Excellency, President Bola Ahmed Tinubu, in line with Policy Directives 40-42.
“They reflect the administration’s strong commitment to fostering sustainable growth in the energy sector and enhancing Nigeria’s global competitiveness in oil and gas production.”
By Anthony Ogbekile
FG Removes VAT On Diesel, Cooking Gas To Crash Prices
The Federal Government has announced value added tax (VAT) exemptions for various energy products, including diesel, liquefied natural gas (LNG), also known as cooking gas, Compressed Natural Gas (CNG), electric vehicles, among others, to crash prices.
This is contained in a statement by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on Wednesday.
According to Edun, these measures aim to reduce the cost of living, enhance energy security, and speed up Nigeria’s shift to cleaner energy sources.
The government also announced the introduction of the Notice of Tax Incentives for Deep Offshore Oil & Gas Production that provides new tax reliefs for deep offshore projects.
The statement issued by the Federal Ministry of Finance said, “The VAT Modification Order 2024 introduces exemptions on a range of key energy products and infrastructure, including diesel, feed gas, liquefied petroleum gas (LPG), Compressed Natural Gas (CNG), electric vehicles, liquefied natural gas (LNG) infrastructure, and clean cooking equipment.
“These measures are designed to lower the cost of living, bolster energy security, and accelerate Nigeria’s transition to cleaner energy sources.
“In addition, the Notice of Tax Incentives for Deep Offshore Oil & Gas Production provides new tax reliefs for deep offshore projects.”
According to the statement, “This initiative is aimed at positioning Nigeria’s deep offshore basin as a premier destination for global oil and gas investments.
“These reforms are part of a broader series of investment-driven policy initiatives championed by His Excellency, President Bola Ahmed Tinubu, in line with Policy Directives 40-42.
“They reflect the administration’s strong commitment to fostering sustainable growth in the energy sector and enhancing Nigeria’s global competitiveness in oil and gas production.”
