Business
Nigerian govt to crash prices of gas, diesel, electric vehicles, others with VAT exemption
The prices of various energy products, including diesel, Liquefied Natural Gas (LNG), Compressed Natural Gas (CNG), and electric vehicles, among others are expected to crash following the removal of the 7.5% value added tax (VAT) from them.
This development was contained in a statement by The Minister of Finance and Coordinating Minister of the Economy Mr. Wale Edun, on Wednesday.
According to Edun, these measures aim to reduce the cost of living, enhance energy security, and speed up Nigeria’s shift to cleaner energy sources.
READ ALSO: ‘No cause for alarm on minimum wage,’ Wale Edun declares after meeting with Tinubu
“The VAT Modification Order 2024 introduces exemptions on a range of key energy products and infrastructure, including Diesel, Feed Gas, Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG), Electric Vehicles, Liquefied Natural Gas (LNG) infrastructure, and Clean Cooking Equipment.
“These measures are designed to lower the cost of living, bolster energy security, and accelerate Nigeria’s transition to cleaner energy sources,” the statement read in part.
By: Babajide Okeowo
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
SPECIAL REPORT: In Sokoto, classrooms overtaken by goats, reptiles, as insecurity, lack of teachers, govt inaction push children out of school
SHEHU MUHAMMAD SHEHU reports on how insecurity, government inaction and lack of qualified teachers has significantly forced up the number...
INVESTIGATION: Abia residents in pains, as contractor abandons erosion control project after collecting N185m
Fresh from fashion school in 2022, Onuka Kalu planned to convert one of his father’s two shops, where he formerly...
Trump halts $50m Gaza aid, cites ‘condoms in Gaza’ claim
In a sweeping move to reassess U.S. foreign aid spending, President Donald Trump has frozen a $50 million assistance package...
INVESTIGATION: In Zamfara, forgotten Health Center throws community into health crisis
In the late evening of Friday, September 14, 2024, shortly after the Maghrib prayer, Bashir Muhammad, a 34-year-old father of...
INVESTIGATION: Insufficient teachers, learning materials worsen education access in Kwara communities
Qudus, a Junior Secondary School (JSS 2) pupil, would sit the Basic Education Certificate Examination (BECE) in a year to...