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FG scraps VAT on diesel, cooking gas

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By Mario Deepromoter

The Federal Government has announced the provision of new tax reliefs for deep offshore oil and gas production to boost investments in the sector.

It also announced that the importation of key energy products and infrastructure, including diesel, feed gas, Liquefied Petroleum Gas, Compressed Natural Gas, electric vehicles, Liquefied Natural Gas infrastructure, and clean cooking equipment would no longer require value-added tax payment.

The Minister of Finance and the Coordinating Minister of the Economy, Wale Edun, announced this in a statement on Wednesday.

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The statement by the Director of Information and Public Relations, Mohammed Manga, said the initiative would position Nigeria’s deep offshore basin as a premier destination for global oil and gas investments, bolster energy security, and accelerate Nigeria’s transition to cleaner energy sources.

This policy directive arrives alongside new divestment plans from ExxonMobil and Seplat, which President Bola Tinubu said would receive ministerial approval in the coming days.

The statement read, “In its avowed determination towards ensuring a boost in the nation’s upstream and downstream sector, the Federal Government has introduced groundbreaking concessions aimed at revitalizing the industry.

“This is just as the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, today unveiled two major fiscal incentives aimed at revitalising Nigeria’s oil and gas sector: Value Added Tax Modification Order 2024 and Notice of Tax Incentives for Deep Offshore Oil & Gas Production, in accordance with the Oil & Gas Companies (Tax Incentives, Exemption, Remission, etc.) Order 2024”.

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Explaining further, Manga said, “The VAT Modification Order 2024 introduces exemptions on a range of key energy products and infrastructure, including diesel, feed gas, Liquefied Petroleum Gas, Compressed Natural Gas, electric vehicles, Liquefied Natural Gas infrastructure, and clean cooking equipment.

“These measures are designed to lower the cost of living, bolster energy security, and accelerate Nigeria’s transition to cleaner energy sources”.

It explained that the notice of tax incentives for deep offshore oil & gas production provides new tax reliefs for deep offshore projects, stressing that, “This initiative is aimed at positioning Nigeria’s deep offshore basin as a premier destination for global oil and gas investments”.

The ministry said these fiscal incentives reflect the administration’s steadfast commitment to promoting sustainable growth, enhancing energy security, and driving economic prosperity for all Nigerians.

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The statement added, “These reforms are part of a broader series of investment-driven policy initiatives championed by President Bola 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 concluded.

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INEC unveils Final list of candidates for 2027 elections, Jonathan, Nwoko, Goje, others missing

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The Independent National Electoral Commission (INEC) on Saturday released the final list of candidates for the 2027 general elections, bringing months of political uncertainty to an end.Several prominent politicians were absent from the list, including former President Goodluck Jonathan, whom the Tanimu Turaki-led faction of the Peoples Democratic Party (PDP) had claimed as its presidential candidate.

Also missing were the senator representing Delta North, Ned Nwoko; former Ogun State Governor Gbenga Daniel (Ogun East); former Gombe State Governor Danjuma Goje (Gombe Central); and the senator representing Kebbi South, Garba Maidoki.

The development comes two months after Senate President Godswill Akpabio assured lawmakers who lost their return tickets during the All Progressives Congress (APC) primaries that the party leadership was working to resolve grievances arising from the exercise.

Although the APC reinstated six serving senators after reviewing petitions submitted to its Primary Election Appeal Committee, several influential politicians who had hoped to benefit from the review remained excluded from the final list submitted to INEC.

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In Delta State, Nwoko’s name was absent from the list displayed at the INEC office in Asaba, with former Delta State Governor Ifeanyi Okowa confirmed as the APC’s senatorial candidate for Delta North. The outcome confirmed Nwoko’s earlier defeat in the party’s primary election.

In Gombe State, former governor Danjuma Goje also failed to secure the APC ticket, losing to retired Deputy Commissioner of Police Mohammed Ahmed.

On the opposition side, former Governor Ibrahim Hassan Dankwambo emerged as the PDP candidate for Gombe North Senatorial District, while Senator Anthony Siyako secured the party’s ticket for Gombe South.

In Bauchi State, Senator Shehu Buba, who represents Bauchi South, and Mansur Soro, the member representing Darazo/Ganjuwa Federal Constituency, were also absent from the final list.

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Buba, who was elected on the APC platform, will not seek re-election after defecting to the Peoples Redemption Party, where he secured the party’s governorship ticket. Soro had earlier announced that he would not contest either the Bauchi Central Senatorial seat or another term in the House of Representatives.

The APC’s review of its primary election results affected nine states — Kogi, Benue, Taraba, Ondo, Abia, Niger, Kwara, Kaduna and Ebonyi — and resulted in the reinstatement of Senators Sunday Karimi, Emmanuel Udende, Titus Zam, Shuaibu Isa Lau, Adeniyi Adegbonmire and Olajide Ipinsagba.

The party also replaced Edinburgh Uchenna Erondu with Prince Paul Ikonne as its candidate for Abia South Senatorial District.

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Tehran Denies Negotiating With US After Trump Announces Talks

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The rebuttal by the Iranian foreign ministry follows Trump saying he had held off launching new strikes on the Islamic republic to allow for further diplomatic efforts, a familiar pattern in the conflict.

Iran denied that any negotiations were taking place with the United States after President Donald Trump said new talks would begin Monday in an effort to end their war, now in its sixth month.

The rebuttal by the Iranian foreign ministry follows Trump saying he had held off launching new strikes on the Islamic republic to allow for further diplomatic efforts, a familiar pattern in the conflict.

Washington and Tehran have been at war since February 28, when the US and Israel launched surprise strikes against Iran, though months of on-off diplomacy have led to periods of relative calm.

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Trump last week threatened to hit Iran “very hard”, with the US leader reportedly considering renewed attacks, including against energy infrastructure.
But the president pulled back from that threat Saturday, saying the “perimeters” of a deal were there.

Iran’s foreign ministry, however, denied there were currently negotiations taking place.

“We are not currently negotiating with the United States. Our negotiations are with Oman to secure passage through the Strait of Hormuz,” said foreign ministry spokesman Esmaeil Baqaei during a weekly press briefing.

The Hormuz shipping route is a major sticking point in efforts to end the war.

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Iran has obstructed vessels attempting to pass the critical trade corridor, firing on commercial ships.
Before the war, there was free passage through the strait, but Iran now insists on retaining control and charging fees, something the US rejects.

The US-Saudi strikes killed at least 20 militants, including Iranians, according to the Hashed al-Shaabi.

Tehran has refused to let ships travel any route other than one which hugs the Iranian coast.
On Sunday, Baqaei told state television that a deal was close on managing Hormuz together with Oman, which sits on the other side of the narrow waterway.

“We are now going to reach an understanding on a route acceptable to both sides — neither the northern route nor the southern route — but one that respects the sovereign rights of both sides and safeguards our national interests and security,” he said.
But he insisted that such an agreement did not mean the reopening of the strait.

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The Israeli bombardment of Lebanon has caused widespread destruction, mainly in the south, though violence has declined since the signing of a US-Iran memorandum last month and the Lebanon-Israel framework deal. Lebanon was drawn into the Middle East war on March 2 when Tehran-backed militant group Hezbollah launched attacks on Israel to avenge the killing of the Iranian leader. Israel has responded with broad strikes across Lebanon and a ground offensive.

On Sunday, a tanker off the coast of Oman reported hearing an explosion nearby, the United Kingdom Maritime Trade Operations (UKMTO) Centre reported, but the ship and crew were all reported safe.

Trump told reporters on Sunday that the new talks with Iran would cover Hormuz and ultimately the denuclearisation of Iran.

The US president said at the start of the conflict that the war was necessary to deal with Iran’s nuclear programme. Western nations accuse Iran of seeking a bomb, though Tehran insists the programme is entirely civilian in nature.

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“Now what we’re doing is we’re talking to them in the form of a negotiation. It begins tomorrow afternoon,” Trump told reporters aboard Air Force One on Sunday, without providing details of the venue or participants.

The president said he had been asked by Iran as well as US partners Saudi Arabia, the United Arab Emirates and Qatar to hold off on further strikes, which he claimed would have been “the biggest attack since World War II”.
Iranian media denied that Tehran had asked Trump not to strike.
Trump has repeatedly claimed a settlement to end the war is near, only for fighting to resume. He has previously issued apocalyptic warnings to Tehran, only to later backtrack by saying diplomacy was underway.

A previous ceasefire deal between the foes fell through last month. It was supposed to open the Strait of Hormuz to ships carrying vital energy exports from the Gulf to feed the global economy.
Iranian lawmaker Hassan Ghashghavi, spokesman for the parliament’s national security commission, said on Sunday that mediators were trying to revive the US-Iran memorandum of understanding that was agreed in June.

That agreement was not intended as a final peace deal, but as a stepping stone to negotiations on a comprehensive agreement, though it did include provisions on Hormuz.
“They know that the main issue and, in fact, the key to the matter right now is the issue of the Strait of Hormuz, so yes, there is an exchange of views,” Ghashghavi said.
Posting on X, Iranian President Masoud Pezeshkian said: “We must strive to compel the enemy to remain committed to what it has signed.”

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Kidnapped Kebbi Judge Faruku Bunza finally goes home after relaxing in abductors ‘paradise’ for one week

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The High Court Judge kidnapped in Kebbi State one week ago, Justice Faruku Bunza, has regained his freedom and returned home safely after staying in abductors haven for one week.

This was contained in a statement issued on Monday, the Public Relations Officer of the Kebbi State Police Command, Bashir Usman, said the judge regained his freedom on Monday, adding that his release had been confirmed by both his family and the Kebbi State Ministry of Justice.

The police disclosed that although the kidnappers demanded a ransom, the Command maintained its policy against ransom payments.

Police authorities said security agencies have intensified investigations to track down those responsible for the abduction and ensure they are brought to justice.
The Command appealed to members of the public to provide useful information that could aid the ongoing investigation, assuring that all information received would be treated with strict confidentiality.

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The police also expressed appreciation to residents and partner security agencies for their support and cooperation throughout the period of the judge’s captivity.

“We are in jubilation and full of gratitude to God for seeing our own return safely from captivity.

He was just released and has returned home now after spending one week with the bandits,” the relative said.

The family expressed appreciation to all those who stood by them during the ordeal.

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“We sincerely thank and appreciate the Kebbi State Judiciary, the security agencies, and the entire people of Kebbi State who contributed in different ways, offered prayers, and sent messages of sympathy. Your concern and support gave us strength, and we are grateful for your solidarity,” the family member stated.

The source said details of how the judge was released will be made public later.

“Other details of how he was released will be made available later,” he added.

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