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Reading: Nigerian Government Grants 6-Month VAT Exemption on Diesel
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Nigeria

Nigerian Government Grants 6-Month VAT Exemption on Diesel

In a bid to address some of the concerns raised by labour unions and alleviate the economic burden on citizens, the Nigerian federal governm...

Chima Joseph Ugo
Chima Joseph Ugo - Editor-in-chief October 01, 2023
Updated October 1, 2023 at 9:01 PM
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Nigerian Government Grants 6-Month VAT Exemption on Diesel
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Nigerian Government Grants 6-Month VAT Exemption on Diesel
In a bid to address some of the concerns raised by labour unions and alleviate the economic burden on citizens, the Nigerian federal government has declared a six-month exemption on the Value Added Tax (VAT) for diesel. 

This decision came after a meeting held at the State House in Abuja between government officials and representatives of the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC).

The announcement of the VAT waiver on diesel was conveyed by the Minister of Information and National Orientation, Mohammed Idris, in a statement. 

This exemption is a part of the resolutions reached during the meeting, which aimed to find common ground on key economic and labour-related issues.

The government is showing its commitment to improving public transportation by fast-tracking the provision of Compressed Natural Gas (CNG) buses. 

This initiative is intended to help ease the difficulties associated with the removal of the Petroleum Motor Spirit (PMS) subsidy, which has led to increased fuel prices.

In addition to these measures, the government also pledged to allocate funds to support micro and small-scale enterprises, a critical sector of the Nigerian economy.

The labour unions, represented by NLC President Joe Ajaero, TUC Deputy President Dr. Tommy Etim Okon, NLC General Secretary Emma Ugboaja, TUC General Secretary Nuhu Toro, and others, will evaluate the offers made by the Federal Government. 

The decision to suspend the planned strike will depend on the outcome of further consultations regarding the implementation of the agreed-upon resolutions.

The meeting had notable attendees, including Governor Abdulrazak Abdulrahman of Kwara State, who also serves as the Chairman of the Nigeria Governors Forum (NGF), and Governor Dapo Abiodun of Ogun State. It was chaired by Femi Gbajabiamila, the Chief of Staff to the President.

Various government ministers were present, including Wale Edun (Minister of Finance and Coordinating Minister of the Economy), Simon Lalong (Minister of Labour and Employment), Nkeiruka Onyejeocha (Minister of State, Labour), Abubakar Atiku Bagudu (Minister of Budget and Economic Planning), Betta Edu (Minister of Humanitarian Affairs and Poverty Alleviation), Doris Uzoka-Anite (Minister of Industry, Trade and Investment), Dr. Folasade Yemi-Esan (Head of Service of the Federation), and Mallam Nuhu Ribadu (National Security Adviser).

The government's decision to temporarily remove VAT on diesel aims to mitigate the financial strain on Nigerians and address some of the challenges posed by the removal of the PMS subsidy, which had led to an increase in fuel prices. It reflects the government's commitment to fostering economic stability and supporting small-scale enterprises in the country. The labour unions will now assess these measures before deciding whether to proceed with the planned strike.

Tags: Nigeria

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