President Bola Tinubu as part of efforts to reduce the cost of living, enhance energy security, and speed up Nigeria’s shift to cleaner energy sources, has removed VAT on Diesel, Compressed Natural Gas (CNG), Clean Cooking Equipment and Feed Gas.
Others are Liquefied Petroleum Gas (LPG), Electric Vehicles and Liquefied Natural Gas (LNG) infrastructure.
This was disclosed by the Special Assistant to the President on Social Media, Olusegun Dada, via his verified X handle @DOlusegun Wednesday night.
Quoting a statement from Minister of Finance and Coordinating Minister of Economy, the Presidential aide, noted that in addition, in a bid to end the decade-long drought of investment in the country’s oil and gas sector, the federal government has introduced tax reliefs for deep offshore oil and gas projects.
He said this was in fulfilment of President Tinubu’s campaign promised to incentivize investors who were divesting away from the country to favorable nations like Guyana and Angola.
The statement read:
As part of efforts to reduce the cost of living, enhance energy security, and speed up Nigeria’s shift to cleaner energy sources, the President Tinubu-led administration has removed VAT on the following
– Diesel
– Feed Gas
– Liquefied Petroleum Gas (LPG)
– Compressed Natural Gas (CNG)
– Electric Vehicles
– Liquefied Natural Gas (LNG) infrastructure
– Clean Cooking Equipment.
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In addition, in a bid to end the decade-long drought of investment in the country’s oil and gas sector, The federal government has introduced tax reliefs for deep offshore oil and gas projects according to the statement from the HM of Finance and Coordinating Economy
The Notice of Tax Incentives for Deep Offshore Oil & Gas Production introduces new tax reliefs to attract global investments to Nigeria’s deep offshore projects.
A reminder that President Tinubu, during his campaign promised to incentivize investors who were divesting away from the country to favorable nations like Guyana and Angola.
Increased oil production among other benefits of these reforms are expected to improve the earnings of the administration in order to implement its programs successfully.
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