The Nigerian government has said that it has taken out Value Added Tax on cooking gas, diesel and some other products.
Wale Edun, Nigeria’s minister of finance and the coordinating minister of the economy said this in a statement on Wednesday.
The statement signed by the Director of Information and Public Relations at the Ministry of Finance, Mohammed Manga, said that the Federal Government is planning on incentives that are aimed at revitalising Nigeria’s oil and gas sector.
According to him, these incentives will include VAT modification order 2024 and notice of tax incentives for deep offshore oil and gas production.
He added that this decision is in line with the Oil and Gas Companies (tax incentives, exemption, remission, etc.) Order 2024.
He said: “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,” he added.
