BIGGEST NEWS ! As FG Moves To CRASH Diesel, CNG, Cooking Gas Prices, Removes Taxes On Product
The Nigerian government has taken steps to crash the prices of essential energy prices nationwide. The minister of Finance, Wale Edun, announced the removal of VAT from cooking gas, diesel, CNG, and electric vehicles.
The government disclosed that the move is to promote cleaner energy and provide energy security for Nigerians.
The Nigerian government has announced the removal of Value Added Taxes (VAT) for different energy products, including cooking gas, diesel, and compressed natural gas (CNG).
The development is contained in a statement by the Minister of Finance, Wale Edun, on Wednesday, October 2, 2024.
FG’ s Move Is To Reduce The Cost Of Living
The minister disclosed that the measures aim to reduce the cost of living, boost energy security, and accelerate Nigeria’ s shift to cleaner energy.
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Daily Independent reported that the government also introduced Notice Tax Incentives for Deep Offshore Oil and Gas Production, providing new tax reliefs for deep offshore projects. According to the statement, the VAT Modification Order 2024 introduces exemptions on critical products and infrastructure such as diesel, feed gas, LPG, CNG, LNG, electric vehicles, and clean cooking equipment.
According to the statement, the initiative aims to position Nigeria’ s deep offshore basin as a premier destination for global oil and gas investments.
Cooking Gas Prices Rise To A New High
In Contrast, Taraba recorded the lowest price of cooking gas at N5, 600. 67, followed by Abuja and Kogi at N5, 825 and N5, 857. 56, respectively.
