In an effort to support the energy sector, the government has made the decision to waive taxes on energy products and infrastructure.
The Director of Information and Public Relations at the Federal Ministry of Finance, Mohammed Manga, made this known.
The government said they’re determined to boost the nation’s upstream and downstream sector.
The statement mentioned some awesome incentives to revive the industry, like the ‘Value Added Tax Modification Order 2024’ and ‘Notice of Tax Incentives for Deep Offshore Oil and Gas Production’.
The VAT Modification Order 2024 brings in exemptions for Diesel, Feed Gas, LPG, CNG, Electric Vehicles, LNG infrastructure, and Clean Cooking Equipment, the statement said.
The statement says the measures will make life cheaper, make energy more secure, and speed up Nigeria’s switch to cleaner energy.
On top of that, the Notice of Tax Incentives offers tax benefits for deep offshore oil and gas production.
The goal is to make Nigeria’s deep offshore basin the top choice for global oil and gas investments.