News

FULL LIST: 63 items exempted from VAT under new fiscal reforms by Tinubu

Published

5 months ago

October 5, 2024

The Federal Government has announced the exemption of 63 items from Value-Added Tax (VAT), as part of its latest fiscal reforms.

This was revealed by the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, via a post on X (formerly Twitter) on Friday.

The exemptions are outlined in the official ‘Value Added Tax (Modification) Order, 2024,’ dated September 3, 2024.

The announcement follows the recent introduction of fiscal concessions aimed at revitalising Nigeria’s oil and gas sector, as disclosed by the Finance Minister and Coordinating Minister of the Economy, Wale Edun.

The two key incentives unveiled include the VAT modification order and tax reliefs for deep offshore oil and gas production, as per the Oil and Gas Companies (Tax Incentives, Exemption, Remission, etc.) Order 2024.

Additionally, the official gazette specifies that the provisions concerning Automotive Gas Oil (AGO) are retroactive, taking effect from October 1, 2023.

Earlier, our heritage reporter reported that President Bola Tinubu may bar revenue-generating agencies from collecting revenues on behalf of the Federal Government as he plans to introduce a single agency—the Nigeria Revenue Service—to handle the task.

This came as the Federal Government instituted a comprehensive set of fresh tax reforms aimed at significantly boosting revenue collection.

In September 2024, FEC approved economic stabilisation bills and proposed 10 changes to spur economic growth.

Here is a full list of the items exempted from VAT:
CNG/LPG Dual Fuel Vehicles
Dedicated LPG Vehicles and CNG/LPG Dual Fuel Vehicles
Parts, and semi-knocked down units (for assembly) of CNG and LPG buses.
Parts, and semi-knocked down units (for assembly) of Electric Vehicle
Electric Vehicles
Electric Vehicles Battery
Electric Vehicles Charging System
Electric Vehicle Solar Charging System
LPG/CNG Conversion Kits
CNG Cylinders
CNG Cascades
CNG Dispensers
Gas Generators
CNG Trucks (Bobtails and Bridgers; fixed axle and semi-trailers
Steel Pipes
Steel Valves & Fittings
SS Tubes & Fittings
Storage Tanks (all sizes)
Regulators
CNG Pumps and Compressors (all types)
Steel
Pressure Relief Valves
Hydraulic press/Rolling machine
Heat Treatment Equipment
Liquid Level Guage
Pumping Housing and Motors
Regulator Body
Pressure Guage
Truck Chassis
Metering and Measuring Equipment (including weighbridges, and filling scales)
Dispensing equipment (dispensing scales, nozzles, gas filling systems)
Safety Features (emergency shutoff valves, pressure relief valves, excess flow valves, breakaway couplings, quick release couplings)
Gas water heaters
Gas burners for industry
Gas boilers
Gas washing machines and dryers (launderettes) Household or laundry-type washing machines, including machines which both wash and dry.
CNG, LPG and Cyrogenic Hoses Tubes, pipes and hoses, and fittings thereof (for example, joints, elbows, flanges) of plastics.
CNG truck heads
Gas Leak Detectors
Gas air conditioners
Cylinder refurbishment equipment
Blending skid/unit
Odourizing unit
Chromatography unit (GC)
LNG Liquefying Equipment, Heat Exchangers, LNG Vapourizers, Regasification
Plant, Liquefied CNG Compression Terminals
LNG Plant, Machinery, Pumps, Compressors, Filters (Including Gas Filters),
Weighing Machines, Valves Equipment
Cyrogenic Storage Tanks, Liquefied CNG Conversion tanks
Pipes, Piping Fittings, and Flanges used for Liquefied Natural Gas processing
Electrical Equipment, including Cables for Liquefied Natural Gas processing
Steel Plates, Angles, and Bars for Liquefied Natural Gas Processing
LNG Related Chemicals
Biogas Digester
Biogas Compressor
De-sulphurization units
Dryer
Distillation columns for processing biofuels
Bio-ethanol refinery equipment
Fermentation Tanks
Biofuel-related Chemicals, Enzymes and Reagents
Liquefied Petroleum Gas
Compressed Natural Gas
Feed Gas
Automotive gas oil

News

Just in: Tinubu meets with PANDEF leaders at Aso Rock

Published

2 hours ago

March 11, 2025

Kayode Sanni-Arewa

By Kayode Sanni-Arewa

President Bola Tinubu is currently meeting with leaders of the Pan Niger Delta Forum (PANDEF) at the Council Chamber of the State House, Abuja.

The meeting, which began at 4:15pm with the arrival of President Tinubu is expected to discuss varying issues considered to be critical to the interest of the oil-rich Niger Delta region.

Convened by the late elder statesman, Chief Edwin Clark, who passed away in February, PANDEF is the mouthpiece of the traditional rulers, leaders and stakeholders of the coastal states of the Niger Delta.

Just as the meeting commenced after the National Anthem had been sung, President Tinubu requested that a minute of silence be observed in memory of Chief Clark.

PANDEF, which is attending the meeting with a large entourage, has former governors, senior politicians, traditional rulers, and other categories of stakeholders in attendance.

Among those at the meeting on PANDEF’s entourage are King Alfred Diete-Spiff, Chairman, Board of Trustees of PANDEF; Obong Victor Attah, Co-Chairman, Board of Trustees of PANDEF; Ambassador Godknows Igali, National Chairman of PANDEF; Senator Seriake Dickson; Professor Mike Ozakhome; former Cross River State governor, Mr Liyel Imoke; former Rivers Deputy Governor, Tele Ikuru; former Managing Director of the Niger Delta Development Commission, Timi Alaibe.

Others are Jaja of Opobo, Professor Dandeson Jaja; Senator Ita Enang; Senator Bassey Henshaw; Mrs Ibim Semenitari, former acting Managing Director of the NDDC; Uche Secondus; Senator Andrew Uchendu; National Coordinator of Host Communities of Nigeria, HOSTCOM, Okareme Maikpobi; Niger Delta activist, Ms Ann-Kio Briggs; spokesman of PANDEF, Chief Obiwevbi Ominimini.

Also attending are the Minister of Aviation and Aerospace Development, Festus Keyamo; Minister of State for Petroleum (Oil), Senator Heineken Lokpobiri; Special Adviser to the President on Information and Strategy,Bayo Onanuga; Special Adviser on Media and Public Communications, Sunday Dare; and other aides of the President.

Details shortly…

News

BREAKING: Heavy traffic as tanker explodes on Otedola Bridge

Published

2 hours ago

March 11, 2025

Kayode Sanni-Arewa

By Kayode Sanni-Arewa

A tanker exploded on Tuesday evening on Otedola Bridge along Lagos/Ibadan Expressway, causing heavy traffic and panic on the route.

It was gathered that the incident has resulted in traffic congestion on both lanes of the Lagos/Ibadan Expressway.

The explosion, according to eyewitnesses, occurred around 8 p.m which ignited a fire spreading rapidly.

Reacting, the Permanent Secretary of the Lagos State Emergency Management Agency (LASEMA), Dr. Femi Oke-Osanyintolu, confirmed that LASEMA’s Tiger Response Team is on the scene working to bring the situation under control.

Details shortly….

News

Bill To Establish Federal College of Entrepreneurship Ntigha Pass Second Reading

Published

4 hours ago

March 11, 2025

Gloria Ikibah

By Gloria Ikibah

The House of Representatives has passed for second reading a bill seeking to establish a Federal College of Entrepreneurship and Skills Acquisition in Ntigha, Isiala Ngwa North, Abia State.

The bill is titled “A Bill for an Act to Establish the Federal College of Entrepreneurship and Skills Acquisition, Ntigha, Isiala Ngwa North, Abia State, to Provide Full-time Courses, Teaching Instruction and Training in Technology, Applied Science, Arts, Social Sciences, Humanities and Management; and for Related Matters” (HB.1165).

Leading the debate, sponsor of the bill Rep. Ginger Onwusibe, stressed the urgenct need to equipping Nigerian youths with practical skills to address the nation’s rising unemployment crisis.

According to Onwusibe, this is part of efforts to tackle youth unemployment and promote economic self-reliance.

He noted that the traditional focus on white-collar jobs had left many graduates struggling to find employment, making vocational and entrepreneurial education a necessary alternative.

“Nigeria faces a rising youth unemployment crisis, exacerbated by an overdependence on white-collar jobs. To address this, we must begin to prioritize entrepreneurial education and vocational training to equip our youth with practical skills required for self-reliance and job creation,” Onwusibe stated.

He explained that, Ntigha strategically located, with its proximity to key commercial centers in the Southeast, making it an ideal site for such an institution.

The proposed college will offer specialized training in critical areas such as agriculture, technology, manufacturing, and digital innovation—aligning with the federal government’s broader economic diversification strategy.

Rep. Onwusibe argued that similar institutions in other countries had significantly contributed to economic transformation, and Nigeria must follow suit to enhance productivity, reduce poverty, and strengthen local industries.

“This initiative will not only empower young people but also boost local industries, reduce poverty, and enhance national productivity.

“We cannot afford to be left behind in the global drive for entrepreneurship and skills acquisition,” he said.

Members of the House are expected to further deliberate on the bill’s provisions before a final decision is made.

The establishment of the college would mark a significant step toward strengthening Nigeria’s entrepreneurial landscape and reducing the country’s high unemployment rate.