The Federal Government has announced new tax exemptions for key energy products.
Beyond Boders reports that this decision is aimed at boosting investment in the oil and gas industry.
The Finance Minister, Wale Edun, said on Wednesday that the government will no longer charge Value Added Tax (VAT) on diesel, cooking gas, compressed natural gas, electric vehicles, and other clean energy products. This move is part of a plan to help Nigeria move towards cleaner energy and improve energy security.
A statement from the Ministry of Finance explained that the new policy will make Nigeria more attractive to global oil and gas investors.
It also aims to lower costs for Nigerians and help the country move away from reliance on dirty energy sources.
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“These measures are designed to lower the cost of living, bolster energy security, and accelerate Nigeria’s transition to cleaner energy sources,” the statement added.
The government hopes that by offering these tax reliefs, Nigeria can become a major player in the global oil and gas industry once again.
These changes are part of a series of reforms by President Bola Tinubu’s administration to improve the economy and make energy more affordable for Nigerians.
