FG Removes VAT On Diesel, Cooking Gas - Politics

FG Removes VAT On Diesel, Cooking Gas - Politics - Nairaland

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FG Removes VAT On Diesel, Cooking Gas by dre11(op): 2:30am On Oct 03, 2024

The Federal Government says it has removed Value Added Tax (VAT) on diesel, cooking gas, among others.

Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed this while unveiling two major fiscal incentives, on Wednesday.

A statement by the Director, Information and Public Relations at the Ministry of Finance, Mohammed Manga, said the incentives are aimed at revitalising Nigeria’s oil and gas sector.

The incentives include value-added tax (VAT) modification order 2024 and notice of tax incentives for deep offshore oil and gas production, in accordance with the Oil and Gas Companies (tax incentives, exemption, remission, etc.) Order 2024.

The statement said: “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. These measures are designed to lower the cost of living, bolster energy security, and accelerate Nigeria’s transition to cleaner energy sources.

“In addition, the Notice of Tax Incentives for Deep Offshore Oil & Gas Production provides new tax reliefs for deep offshore projects. This initiative is aimed at positioning Nigeria’s deep offshore basin as a premier destination for global oil and gas investments.

“These reforms are part of a broader series of investment-driven policy initiatives championed by His Excellency, President Bola Ahmed Tinubu, in line with Policy Directives 40-42. They reflect the administration’s strong commitment to fostering sustainable growth in the energy sector and enhancing Nigeria’s global competitiveness in oil and gas production.”

Manga added: “With these bold initiatives, Nigeria is firmly on track to reclaim its position as a leader in the global oil and gas market.

“These fiscal incentives demonstrate the administration’s unwavering commitment to fostering sustainable growth, enhancing energy security, and driving economic prosperity for all Nigerians.”

https://dailytrust.com/fg-weve-removed-vat-on-diesel-cooking-gas/

14 Likes 2 Shares

Re: FG Removes VAT On Diesel, Cooking Gas by Ofunaofu: 2:38am On Oct 03, 2024*

Tinubu and those around him are mad men, busy running around like headless chickens.

They keep moving around in circles.

All efforts should be channelled in ensuring that the pump price of fuel, which they deliberately increased while masking it as deregulation of the downstream sector, is reduced drastically to at least below N200 per litre where they met it and watched prices of goods and services begin to reduce, the inflation rate reducing as well, and also transportation costs reduce with its ripple effect on other things.

90 Likes 2 Shares

Re: FG Removes VAT On Diesel, Cooking Gas by Thundafireseun: 2:42am On Oct 03, 2024

Nigeria will be great again….

Tinubu is working have faith 🙏

21 Likes 4 Shares

Re: FG Removes VAT On Diesel, Cooking Gas by ALTERNATEID: 2:50am On Oct 03, 2024

Good move. God bless Mr. President and his team.

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Re: FG Removes VAT On Diesel, Cooking Gas by mustyNEMESIS: 4:20am On Oct 03, 2024

They should please stop removing taxes on these things cos I’ve noticed anytime they announce that they’ve removed taxes on something, that’s when the price actually goes up instead of down… who dey deceive who?

The other time, they said they removed tax on paddy rice. Can someone please remind me the current price of rice or paddy rice compared to before the tax removal policy was announced?

81 Likes 4 Shares

Re: FG Removes VAT On Diesel, Cooking Gas by Tokskob2008: 4:42am On Oct 03, 2024

You removed tax on it then the price shoots up so what's the benefit of the tax that was removed huh

A kg of gas 2/3 months ago was #1,100 but now it's #1,400 so I ask again why remove the tax if the outcome will lead to an increase huh

57 Likes

Re: FG Removes VAT On Diesel, Cooking Gas by jchioma: 5:28am On Oct 03, 2024

This government of Bola Ahmed Tinubu is the worst in terms of policy implementation and follow up. BAT you removed VAT and the reverse becomes the case? Gas prices have skyrocketed from the less than 1k to 1.5k. What’s the essence of the removal?

29 Likes 2 Shares

Re: FG Removes VAT On Diesel, Cooking Gas by Cassandraloius: 5:46am On Oct 03, 2024

1kg of gas is N1300. Who una wan deceive?

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Re: FG Removes VAT On Diesel, Cooking Gas by hisgrace090: 5:47am On Oct 03, 2024

Can this money monger govt stand it, or are they going to collect it back through the back door?
Govt that never start paying the promised 70k and increase fuel price from 620 to more than 1k are too eager to milk the masses always.

6 Likes

Re: FG Removes VAT On Diesel, Cooking Gas by sagitariusbaby(m): 5:54am On Oct 03, 2024

This administration remains the worst government in the history of this country. They come up with policies that never reflect positively on the life of the people because most of these policies were and are premeditated deception. They are running the country like Venezuela and we all know where all these is leading us to.

21 Likes 3 Shares

Re: FG Removes VAT On Diesel, Cooking Gas by TheWolfen(m): 6:16am On Oct 03, 2024

Sorry? When?
We didn't seams to notice undecided

4 Likes

Re: FG Removes VAT On Diesel, Cooking Gas by crentina(f): 6:19am On Oct 03, 2024

And had the price come down after doing this? Price is still going up

5 Likes

Re: FG Removes VAT On Diesel, Cooking Gas by Flamaengo(f): 6:20am On Oct 03, 2024

Story story oooo.Still there won't be no difference at all

2 Likes

Re: FG Removes VAT On Diesel, Cooking Gas by naijaboy756: 6:47am On Oct 03, 2024

Expect increase in prices… The trademark of this government

Nothing is normal.

The same thing they did on food items and prices keep rising

2 Likes

Re: FG Removes VAT On Diesel, Cooking Gas by INTEGRITYA1(m): 6:48am On Oct 03, 2024

Okay

1 Like

Re: FG Removes VAT On Diesel, Cooking Gas by chukwuibuipob: 6:49am On Oct 03, 2024

Re: FG Removes VAT On Diesel, Cooking Gas by ZACHIE: 6:50am On Oct 03, 2024

Back to PMS. That's the Koko

The most important thing to reduce this hardship is the reduction of petrol price. Anything is groping in the dark.

4 Likes

Re: FG Removes VAT On Diesel, Cooking Gas by Funkyswagzz(m): 6:51am On Oct 03, 2024

How realistic is this because we've heard alot of things this government want to do and enbed up not doing it

4 Likes

Re: FG Removes VAT On Diesel, Cooking Gas by Meti99(m): 6:51am On Oct 03, 2024

Federal government removes tax on imported foods and drugs yet their prices increase everyday.
Now it is diesel

4 Likes

Re: FG Removes VAT On Diesel, Cooking Gas by Joystarn00: 6:51am On Oct 03, 2024

maxkia:
Shut up

Na him be problem

Re: FG Removes VAT On Diesel, Cooking Gas by Elidrisy20: 6:51am On Oct 03, 2024

Liers

1 Like

Re: FG Removes VAT On Diesel, Cooking Gas by chemicool: 6:51am On Oct 03, 2024

Ofunaofu:
Tinubu and those around him are mad men, busy running around like headless chickens.

They keep moving around in circles.

All efforts should be channelled in ensuring that the pump price of fuel, which they deliberately increased while masking it as deregulation of the downstream sector, is reduced drastically to at least below N200 per litre where they met it and watched prices of goods and services begin to reduce, the inflation rate reducing as well, and also transportation costs reduce with its ripple effect on other things.

Your father and the entire males in your lineage are mad men

3 Likes 1 Share

Re: FG Removes VAT On Diesel, Cooking Gas by MrPOTUS: 6:53am On Oct 03, 2024

Good!

VAT on food items should also be removed

1 Like

Re: FG Removes VAT On Diesel, Cooking Gas by Jaylord12(m): 6:56am On Oct 03, 2024

You will not see those satanic agents on this thread.....wicked ppl....The wickedness of the wicked shall come to an end

Re: FG Removes VAT On Diesel, Cooking Gas by kokoA(m): 6:56am On Oct 03, 2024

Removal VAT on any item in Nigeria translates to increment in price.

1 Like

Re: FG Removes VAT On Diesel, Cooking Gas by chrisxxx(m): 6:57am On Oct 03, 2024

They remove vat on the diesel the rich people use

Re: FG Removes VAT On Diesel, Cooking Gas by kennyz247(m): 6:57am On Oct 03, 2024*

And we still buy 1kg for 1500 ,no be Nigeria juju be dat ...

3 Likes

Re: FG Removes VAT On Diesel, Cooking Gas by Newton1045: 6:57am On Oct 03, 2024

Bushed against de wall

Re: FG Removes VAT On Diesel, Cooking Gas by Ofunaofu: 6:58am On Oct 03, 2024

chemicool:
Your father and the entire males in your lineage are mad men

I didn't mention you in my comment, but out of your own magnanimity, you decided to become one of those I described as mad men.

It's your choice, not mine.

1 Like

Re: FG Removes VAT On Diesel, Cooking Gas by lexy2014: 7:04am On Oct 03, 2024

Thundafireseun:
Nigeria will be great again….

Tinubu is working have faith 🙏

under buhari was nigeria not great?

which work is tinubu working?

what does having faith got to do with tinubu?

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