The Nigerian government has removed Value Added Tax (VAT) on cooking gas, diesel, and other goods.
Wale Edun, Nigeria’s Minister of Finance, announced this change in a statement on Wednesday.
The Ministry of Finance, through its spokesperson Mohammed Manga, stated that the government intends to introduce measures to boost the oil and gas industry.
These measures will involve changes in VAT regulations and tax benefits to support deep offshore oil and gas production.
He mentioned that this action aligns with the Oil and Gas Companies (tax incentives, exemptions, remissions, etc.) Order 2024.
He stated, “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.”
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