The Federal Government has exempted a range of various energy products, including diesel, Liquefied Natural Gas (LNG), also known as cooking gas, Compressed Natural Gas (CNG), and electric vehicles, among others from value added tax (VAT).
The announcement was made by Mohammed Manga, Director, Information and Public Relations in Federal Ministry of Finance via a statement on Wednesday.
He said the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun on unveiled two major fiscal incentives aimed at revitalizing Nigeria’s oil and gas sector on Wednesday.
According to him, “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.”
He added that “these measures are designed to lower the cost of living, bolster energy security, and accelerate Nigeria’s transition to cleaner energy sources”.
Credit: Nigerian Tribune