News
Nigeria Customs Service Announces Tax Exemptions on LPG and CNG Imports
The Nigeria Customs Service (NCS) has introduced significant fiscal incentives, removing Value Added Tax (VAT) and import duties on Liquefied Petroleum Gas (LPG) and Compressed Natural Gas (CNG) to boost domestic gas utilisation under the Presidential Gas for Growth Initiative.
In a statement issued on December 18 by NCS National Public Relations Officer, Abdullahi Maiwada, the agency confirmed that machinery, equipment, and spare parts related to gas utilisation would now attract a zero percent import duty.
Additionally, VAT exemptions have been applied to LPG, CNG, their equipment components, and conversion and installation services.
Importers looking to benefit from these incentives must secure an Import Duty Exemption Certificate (IDEC) from the Ministry of Finance and a letter of support from the Office of the Special Adviser to the President on Energy.
The initiative also withdraws debit notes issued to petroleum marketers for LPG imports made using specific HS codes since August 2019, reinforcing the government’s commitment to fostering investment and expanding Nigeria’s gas infrastructure.
President Bola Tinubu speaks on CNG in Nigeria and shares how the benefits from it aren’t even helping the government but are going into the pockets of truck owners.
While speaking on his promise to help the refinery and the removal of the fuel subsidy to better the country, he spoke on CNG:
“Equally, the introduction of compressed natural gas — well, I will appeal to you: we will do more and encourage you, but ask your drivers to let the benefits trickle down to commuters too, because whatever benefit is coming from CNG is going into the pockets of truck owners. It’s not spreading as fast as I would like, but it should spread.
“The refineries you mentioned are going to come back to work. We’re just building a very firm reset and structural reworking of the economics of it.”
The Nigerian youth leaders of Ogun State call on the government for their support to advance youth development in the state.
For International Youth Day, Ogun State held a programme with Nigerian youth leaders, and it was shared.
“Ogun State is at a trajectory moment of transition and continuity, and it’s a political season. We are trying to ensure that youth inclusion is key in the next administration’s agenda.”
“A dedicated ministry will help coordinate opportunities for our young people and ensure that their voices are properly channelled.”
According to reports, fuel stations are reducing their prices a bit. This has become a general thing around Nigeria after the spike due to the removal of subsidy.
The prices are dropping to ₦1,275 and ₦1,299, going lower than ₦1,300 compared to what it was before.
Michael Carrick Sends Clear Message as Manchester United Seek More Signings
Megan Thee Stallion Announces Return With “Act III” Teaser
