Published on 03/10/2024
Nigeria’s President, Bola Ahmed Tinubu has approved the removal of Value Added Tax on Feed Gas, Compressed Natural Gas, Electric Vehicles, and Liquefied Petroleum Gas, amongst others.
The Special Assistant to the President on social media, Mr Segun Dada made this known in a post via his verified official X handle, @DOlusegun, on Wednesday.
Mr Dada also disclosed that “the Nigerian government has also introduced tax reliefs for deep offshore oil and gas projects.”
He said the move, which is to enhance energy security and speed up Nigeria’s shift to cleaner energy sources are part of efforts of the President Tinubu-led administration to reduce the cost of living.
The Special Assistant stressed that the intervention would also reflect VAT removal on Liquefied Natural Gas infrastructure, Diesel and Clean Cooking Equipment.
The Presidential aide further quoted the Minister of Finance in a statement where he said that President Tinubu’s VAT removal action is in addition, “to end the decade long drought of investment in the country’s oil and gas sector.
“The Nigerian government has introduced tax reliefs for deep offshore oil and gas projects.
“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.”
Mr Dada recalled that President Tinubu during his campaign promised to incentivise investors who were divesting away from the country to favorable nations like Guyana and Angola.
He added that the President made the campaign promise to Increase oil production among other benefits of such reforms that are expected to improve the earnings of the administration in order to implement its social safety intervention programs successfully.
During his nationwide broadcast commemorating Nigeria’s 64th Independence Anniversary on Tuesday, October 1st, President Tinubu pledged his administration’s commitment to finding sustainable solutions to alleviate citizens’ suffering. He emphasized that the government is implementing various measures to reduce the cost of living and lower food prices.
