The Nigerian Government has announced the removal of Value-Added Tax on Liquefied Petroleum Gas (cooking gas), Compressed Natural Gas, Automotive Gas Oil(Diesel) and other reliefs.
The government also announced VAT reliefs for the importation of key energy products and infrastructure, including diesel, feed gas, electric vehicles, Liquefied Natural Gas infrastructure, and clean cooking equipment.
The Minister of Finance and the Coordinating Minister of the Economy, Wale Edun, who made the announcement in a statement on Wednesday, revealed that the development was aimed at boosting investment and tackling economic hardship in the country.
The statement signed by the Director of Information and Public Relations, Mohammed Manga further stated that the initiative is to lower rising living costs and accelerate Nigeria’s transition to cleaner energy.
Wale Edun explained that the notice of tax incentives for deep offshore oil & gas production provides new tax reliefs for deep offshore projects, adding that the initiative is meant to position Nigeria’s deep offshore basin as a premier destination for global oil and gas investments.
