Good News: FG Drop Important Update for Nigerians Using Cooking Gas
Saturday 9 December 2023
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In a groundbreaking move set to transform the lives of Nigerian households, the Federal Government has just unleashed a game-changing update for users of cooking gas. The exciting development involves the complete removal of Value-Added Tax (VAT) and customs duty on liquefied petroleum gas (LPG) imports, along with related equipment. This strategic decision, communicated via a November 28, 2023 letter from the Ministry of Finance, aligns with President Bola Tinubu's commitment to boosting the investment climate, meeting local demand, and encouraging clean cooking practices.
The letter, signed by Wale Edun, Minister of Finance and Coordinating Minister of the Economy, boldly declares, "The importation of LPG shall incur a 0% duty rate and 0% VAT rate, effective immediately." This move is anticipated to significantly slash the cost of cooking gas nationwide. CONTINUE READING.....
Further directives from the Ministry instruct the Nigerian Customs Service to promptly comply with the presidential directive of July 29, 2022, withdrawing debit notes issued to petroleum marketers for LPG imports. This not only applies to cooking gas but extends to various associated items, including LPG cylinders, cascades, gas leak detectors, steel pipes, valves and fittings, dispensers, generators, and trucks—all now exempt from VAT and duty payments.
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This game-changing initiative responds to concerns voiced by Minister for Petroleum Resources (Gas) Ekperikpe Ekpo, echoing President Bola Tinubu's apprehensions about surging cooking gas prices. Despite Nigeria's gas abundance, certain companies prioritized exports over ensuring ample domestic supply. To address this, a rapid-response team was formed to devise strategies ensuring affordable and accessible cooking gas for Nigerians. CONTINUE READING.....
As of December 8, residents in Abuja were spending an average of N11,800 to refill their 12.5kg gas cylinders. Notably, 40% of the country's cooking gas is sourced from the Nigerian Liquefied Natural Gas (NLNG) Limited, with the remaining 60% imported. The pricing dynamics are intricately tied to the exchange rate, currently standing at N1200 for a single dollar on the black market as of December 9.
This government intervention is poised to make a tangible impact on the daily lives of Nigerians, ushering in a wave of relief from the escalating costs associated with cooking gas consumption. Don't miss out on this transformative update!
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