FG declares VAT exemption on CNG, other energy products, Reasons Emerge

• The national authorities is keen connected attracting investors into the cleanable and renewable vigor sector
• In the latest move, the authorities has provided legislative inducement for investors to inject much funds
• This is to find a mode to marque up for the N2 cardinal losses suffered annually crossed the state owed to vigor proviso issues

Legit.ng journalist Ruth Okwumbu-Imafidon has implicit a decennary of acquisition successful business reporting crossed integer and mainstream media.

President Bola Tinubu has made nary concealed of his tendency to thrust a modulation from fossil substance to cleanable vigor successful Nigeria.

To further this initiative, the National Assembly has approved clauses waiving Value Added Tax (VAT) connected Compressed Natural Gas (CNG) and renewable energy sources successful the caller taxation betterment bill.

The Speaker of the House of Representatives, Tajudeen Abbas, disclosed this astatine the ‘First National Legislative Conference and Expo connected Renewable Energy’ held successful Lagos connected Monday.

CNG is touted arsenic a cleanable vigor root that is some situation affable and pouch friendly. Photo credit: Nurphoto
Source: UGC

Abbas explained that waiving VAT for products successful this assemblage volition pull backstage investors into the cleanable and renewable vigor abstraction and turn adoption successful Nigeria.

He added that the legislators are besides looking to supply ineligible backing for the national government’s Renewable Energy and Energy Efficiency Policy adopted successful 2015.

Abbas observed that, arsenic a substance of value of nationalist wellness and biology safety, Nigeria needs to supply entree to cleanable cooking fuels, and this would beryllium achieved done collaborations.

Overall, these initiatives would amended entree to vigor amid the situation plaguing the energy sector.

Nigeria loses N2 cardinal to mediocre powerfulness supply

The United Nations Development Programme (UNDP) has established that Nigeria presently loses implicit N2 cardinal annually owed to inadequate and unstable powerfulness supply.

While speaking astatine the conference, the UNDP Resident Representative, Elsie Attafuah, pointed retired the immense economical losses Nigeria suffered owed to mediocre electricity.

Attafuah noted that a batch of cultivation nutrient similar fruits, vegetables, and yams extremity up wasted owed to mediocre powerfulness proviso successful Nigeria, the PUNCH reports.

She noted that the authorities of unemployment successful the state is further worsened by the power proviso problems, adding that galore youths could person recovered income-generating endeavours if the powerfulness proviso was stable.

Attafuah disclosed that the UNDP’s inaugural to make powerfulness for farmers successful the northbound was yielding affirmative results, with accrued profitability for the farmers.

Renewable vigor is nary longer optional

Speaking further astatine the league organized by the House of Representatives Committee connected Renewable Energy successful collaboration with the UNDP, Honorable Abbas stated that Nigeria has nary prime but to modulation to renewable vigor sources.

He explained that this would assistance execute vigor information and thrust economical development, portion besides ensuring a sustainable situation for the future.

The national authorities has earlier announced plans to motorboat much CNG retail outlets earlier the extremity of 2025. Photo credit: Contributor
Source: Getty Images

Abbas referenced planetary trends, wherever $1.7 trillion retired of $2.8 trillion successful planetary vigor spending successful 2023 was targeted towards cleanable vigor and related technologies.

He explained that arsenic the planetary marketplace turns to cleaner alternatives, Nigeria indispensable diversify its economy and pull renewable vigor investments to enactment applicable and financially stable.

FG lists properties exempted from tax

In related news, the national authorities declared that the stamp work taxation volition not beryllium enforceable connected each properties.

Tax committee chairman, Taiwo Oyedele, explained that properties with rents beneath N10 cardinal volition not beryllium required to wage stamp duties.

Legit.ng besides reported that residential properties are excluded from spot gains tax erstwhile they are sold.

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Source: Legit.ng