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The government also announced the introduction of the Notice of Tax Incentives for Deep Offshore Oil & Gas Production that provides new tax reliefs for deep offshore projects.
President Bola Tinubu’s administration has announced Value Added Tax (VAT) exemption on Diesel, Feed Gas, Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG), Electric Vehicles, Liquefied Natural Gas (LNG) infrastructure, and Clean Cooking Equipment.
The government also announced the introduction of the Notice of Tax Incentives for Deep Offshore Oil & Gas Production that provides new tax reliefs for deep offshore projects.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced the unveiling of the two major fiscal incentives on Wednesday, saying the initiatives are aimed at revitalising Nigeria's oil and gas sector.
The minister said the two new fiscal incentives are Value Added Tax (VAT) Modification Order 2024 and Notice of Tax Incentives for Deep Offshore Oil & Gas Production, which according to him, are in accordance with the Oil & Gas Companies (Tax Incentives, Exemption, Remission, etc.) Order 2024.
A statement issued on Wednesday by the Federal Ministry of Finance said, “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.
“In addition, the Notice of Tax Incentives for Deep Offshore Oil & Gas Production provides new tax reliefs for deep offshore projects.”
According to the statement, “This initiative is aimed at positioning Nigeria's deep offshore basin as a premier destination for global oil and gas investments”.
“These reforms are part of a broader series of investment-driven policy initiatives championed by His Excellency, President Bola Ahmed Tinubu, in line with Policy Directives 40-42,” it added.
“They reflect the administration's strong commitment to fostering sustainable growth in the energy sector and enhancing Nigeria's global competitiveness in oil and gas production.”
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