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Tuesday, May 28, 2024

FG Suspends VAT On Automatic Gas Oil

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President Bola Ahmed Tinubu has approved a six-month waiver of the 7.5 per cent Value Added Tax on Automotive Gas Oil, popularly known as diesel.

 

Mohammed Idris, the Minister of Information and National Orientation disclosed this on Sunday after a meeting between the federal government and the organized labour.

The development comes amid the rising cost of diesel, which jumped from 600/per litre in earlier June to N1000/ per litre.

@The Federal Government also committed to providing funds for micro and small-scale enterprises and waivers on VAT on diesel for the next six months,” Idris said.

 

The announcement comes as part of resolutions from an emergency meeting between the federal government and the organized labour to halt the planned October 3 indefinite strike.

The federal government also reiterated its commitment to provide funds for micro and small-scale enterprises.

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