The Value Added Tax (VAT) has been removed on cooking gas, diesel, and some other products.
Nigeria’s Minister of Finance and Coordinating Minister of the economy, Wale Edun made this statement in a press release on Wednesday.
It noted that a statement signed by the Director of Information and Public Relations at the Ministry of Finance, Mohammed Manga, revealed that the Federal Government was working on incentives targeted at revitalizing the oil and gas sector in Nigeria.
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He said some of such incentives would include, but not limited to VAT modification order 2024 and notice of tax incentives for deep offshore oil and gas production.
He said this is in line with the Oil and Gas Companies (tax incentives, exemption, remission etc.) Order 2024.
He explained further: “In addition, the Notice of Tax Incentives for Deep Offshore Oil & Gas Production provides new tax reliefs for deep offshore projects.
“This is to ensure that Nigeria’s deep offshore basin is cynically tipped to be one of the most formidable destinations of proposed oil and gas investments anywhere in the world,” he added.
