Newscenter Media News 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.
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“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
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