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FG removes VAT on diesel, cooking gas, others

Published

4 weeks ago

October 2, 2024

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The Federal Government has introduced tax exemptions on key energy products and infrastructure as well as fiscal incentives for the upstream and downstream oil and gas sector.

The development, the government said, was in “its avowed determination towards ensuring a boost in the nation’s upstream and downstream sector.”

According to a statement by the Director, Information and Public Relations, Federal Ministry of Finance, Mohammed Manga, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun unveiled two major fiscal incentives on Tuesday “aimed at revitalising Nigeria’s oil and gas sector.”

The statement listed the fiscal incentives described as “groundbreaking concessions aimed at revitalising the industry”, to include ‘Value Added Tax Modification Order 2024’ and ‘Notice of Tax Incentives for Deep Offshore Oil and Gas Production, in accordance with the Oil and Gas Companies (Tax Incentives, Exemption, Remission, etc.) Order 2024.’

“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,” the statement read partly.

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According to the statement, the “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. This initiative is aimed at positioning Nigeria’s deep offshore basin as a premier destination for global oil and gas investments,” the statement read.

These reforms, the statement mentioned, “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.

“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.

“With these bold initiatives, Nigeria is firmly on track to reclaim its position as a leader in the global oil and gas market. These fiscal incentives demonstrate the administration’s unwavering commitment to fostering sustainable growth, enhancing energy security, and driving economic prosperity for all Nigerians,” the statement noted.

READ Eid-el-Fitr celebration: FG declares Tuesday, Wednesday as public holidays

Related Topics:COOKINGGAS DIESEL FEDERAL GOVERNMENT FG VAT

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Police detain VeryDarkMan after honouring invitation

Published

23 mins ago

November 1, 2024

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Deji Adeyanju, the Nigerian lawyer, says the police have detained VeryDarkMan, the social media critic.

In a Twitter post on Thursday evening, the lawyer said the activist, born Martins Otse, was detained after honouring the police invitation.

Adeyanju lamented that his client was taken into custody despite cooperating with the police authorities.

“Our client, VDM has been detained after honouring police invitation just like yesterday. VDM who has been consistent in saying the Nigerian Police are our friends even when we all know they are not,” the tweet reads.

The development comes after VeryDarkMan shared a video of himself in a matching suit. In the footage, he said he was heading to the police station in Abuja to respond to the invitation.

Trouble began when VeryDarkMan wore a police uniform and introduced himself as the “chief superintendent of police (CSP) of the online division”.

The police said it would launch an investigation to determine the source of the police gear used and the authority under which the activist acted.

READ Police arrest robbery kingpin, gun supplier

VeryDarkMan would later apologise to the police while emphasizing that he didn’t intend to impersonate the law enforcement agency.

The fitness expert had also revealed that he returned from the police station where he was interrogated based on the controversial footage.

The police have yet to confirm VeryDarkMan’s detention or provide further details.

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We secured over 3,000 convictions, recovered N248bn, $105m in one year – EFCC

Published

30 mins ago

November 1, 2024

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The Economic and Financial Crimes Commission (EFCC) says it recovered over N248 billion, $105 million, and secured 3455 convictions in one year.

Ola Olukoyede, chairman of EFCC, spoke in Abuja on Thursday during a press conference to mark his one year in office.

Represented by Wilson Uwujaren, EFCC’s director of public affairs, Olukoyede said the achievements were recorded between October 18, 2023, and October 18, 2024, when he assumed office.

“The commission within the year recovered N248, 750,049,365.52; $105,423,190.39; £53,133.64; €172,547.10; T1,300.00 Indian rupees and CAD $3,400.00 Canadian dollars,” he said.

“It also recovered ¥74,859:00 Chinese Yuan; AUS $ 740:00 Australian Dollars; 170:00 UAE Dirham; 73,000:00 Korean Won; CFA 7,821,375:00 and R 50:00 South Africa Rands.

“On asset recovery and return, the EFCC on Sept. 6 handed over to the Royal Canadian Mounted Police (RCMP) the sum of $180,300 and 53 vehicles, being assets recovered for Canadian victims of Nigerian fraudsters.”

READ Tinubu’s economic council member reportedly behind petrol imports from Malta, Russia

The EFCC chairman said $164,000 of the recovered cash assets was from one Elena Bogomas, while $16,300 belonged to another victim, known as Sandra Butler.

He added that about 53 vehicles recovered “were stolen over a period of time in Canada, freighted to Nigeria, and distributed to multiple locations in Nigeria by the criminal elements”.

He said the commission charged four former governors to court over corruption allegations in the past year.

The former governors are Yahaya Bello, Abdulfatah Ahmed, Willie Obiano, and Darius Ishaku.

Olukoyede said the commission also arrested two former ministers of power, Saleh Mamman and Olu Agunloye, who are currently facing prosecution.

“Also, a former minister of aviation, Hadi Sirika, is currently standing trial before two different courts: Justice S.B. Belgore of the FCT high court, Garki, and Justice Sylvanus Oriji of the FCT high court, Maitama,” he said.

He said Sirika is being prosecuted alongside his brother, Ahmad Sirika, and two companies, Enginos Nigeria Limited and Samahah Integrated Investment Limited, on 10 counts bordering on alleged N5.8 billion fraud.

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He added that the former minister is also standing trial for six counts alongside Fatima Sirika, Jalal Hamma, and Al Buraq Global Investment Limited over alleged N2.8 billion fraud.

JUST IN: NSIB locates wreckage of crashed helicopter in Port Harcourt

Published

9 hours ago

October 31, 2024

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The Nigerian Safety Investigation Bureau (NSIB) says its search and recovery teams have successfully located the wreckage of the ditched Sikorsky SK76 helicopter.

In a statement on Thursday, Bimbo Olawumi Oladeji, NSIB’s director of public affairs and family assistance, said the wreckage was identified during recovery dives conducted on Wednesday night.

Details later…