The Federal Government of Nigeria has made a big decision to remove Value Added Tax (VAT) on important energy products like diesel and cooking gas. This change is part of a plan to improve the oil and gas sector and make life more affordable for Nigerians. if you are reading from Phoenix Browser make sure you click on Read Original on the top to be able to Read the original version of the Article and other related news involved.
Mohammed Manga, the Director of Information and Public Relations in the Federal Ministry of Finance, shared that the Minister of Finance, Mr. Wale Edun, introduced the VAT Modification Order 2024. This order takes away VAT on several key energy products, including:
• Diesel
• Feed Gas
• Liquefied Petroleum Gas (LPG)
• Compressed Natural Gas (CNG)
• Electric Vehicles
• Liquefied Natural Gas (LNG) infrastructure
Clean Cooking Equipment
These tax cuts will help reduce the cost of living for many families in Nigeria.
The government hopes these measures will boost energy security and help Nigeria move toward cleaner energy. By cutting costs on energy products, more Nigerians can use cleaner energy without worrying about high prices.
The government is also offering new tax breaks for deep offshore oil and gas projects. This will make Nigeria a more attractive place for global investments in the oil and gas industry.
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These changes are part of President Bola Ahmed Tinubu's broader plan to attract investment in Nigeria’s energy sector. The government aims to create a better environment for growth and make Nigeria more competitive in oil and gas production.
With these new initiatives, Nigeria is on its way to becoming a leader in the global oil and gas market. The government's focus on growth and energy security shows a real effort to improve the lives of all Nigerians.
The removal of VAT on diesel, cooking gas, and other essential energy products is good news for Nigerians. As the country works toward economic stability and energy security, these changes are a significant step toward making life better for everyone. The government's push for cleaner energy and investment in the oil and gas sector offers hope for a brighter future.
By staying updated on these changes, Nigerians can better understand how to handle energy costs and seize new economic opportunities.