The Nigerian government has announced VAT exemptions on Diesel, Feed Gas, LPG, CNG, Electric Vehicles, LNG infrastructure, and Clean Cooking Equipment.
Additionally, new tax reliefs for deep offshore oil and gas projects have been introduced under the Notice of Tax Incentives for Deep Offshore Oil & Gas Production.
Minister of Finance, Wale Edun, unveiled these fiscal incentives, aimed at revitalizing Nigeria’s oil and gas sector. The VAT Modification Order 2024 and the Notice of Tax Incentives for Deep Offshore Oil & Gas Production are part of the Oil & Gas Companies (Tax Incentives, Exemption, Remission, etc.) Order 2024.
These measures are intended to lower inflation, boost energy security, and accelerate Nigeria’s transition to cleaner energy sources. Furthermore, they will help attract global investments into Nigeria’s deep offshore basin for oil and gas exploration.
The minister says these reflect President Bola Ahmed Tinubu’s commitment to sustainable growth and enhancing Nigeria’s global competitiveness in the energy sector.
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