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Abuja, Nigeria – The Federal Authorities has introduced the removing of Worth Added Tax (VAT) on key power merchandise, together with diesel and cooking fuel, as a part of new fiscal incentives aimed toward revitalising Nigeria’s oil and fuel sector.
The Minister of Finance and Coordinating Minister of the Financial system, Wale Edun, unveiled the measures on Wednesday, which embrace the VAT Modification Order 2024 and new tax incentives for deep offshore oil and fuel manufacturing.
An announcement by Mohammed Manga, Director of Info and Public Relations on the Ministry of Finance, detailed that the VAT exemptions will apply to Diesel, Liquefied Petroleum Gasoline (LPG), Compressed Pure Gasoline (CNG), Feed Gasoline, Electrical Automobiles, Liquefied Pure Gasoline (LNG) infrastructure, and Clear Cooking Tools. These modifications are designed to cut back the price of dwelling, improve power safety, and assist Nigeria’s transition to cleaner power sources.
As well as, the federal government has launched tax reliefs for deep offshore oil and fuel tasks beneath the brand new Discover of Tax Incentives for Deep Offshore Oil & Gasoline Manufacturing. That is anticipated to draw international funding to Nigeria’s deep offshore basin and bolster its competitiveness within the power sector.
These initiatives are a part of President Bola Ahmed Tinubu’s broader coverage reforms aimed toward fostering sustainable development within the power sector and driving financial prosperity for all Nigerians.
Manga added that these measures display the administration’s dedication to securing Nigeria’s management within the international oil and fuel market whereas guaranteeing long-term power safety for the nation.
