The Nigerian Federal Government has announced the exemption of 63 items from Value-Added Tax (VAT). This was revealed by Taiwo Oyedele,oò Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, in a post on X (formerly Twitter) on Friday.
According to Oyedele, these exemptions are part of the official “Value Added Tax (Modification) Order, 2024,” published in a gazette dated September 3, 2024.
This development follows a recent announcement by Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy. Edun had introduced a series of fiscal concessions aimed at boosting the country’s oil and gas industry, especially its upstream and downstream sectors.
The new measures include two significant fiscal incentives: the VAT modification order for 2024 and a notice of tax incentives for deep offshore oil and gas production, aligned with the Oil and Gas Companies (Tax Incentives, Exemption, Remission, etc.) Order 2024. These initiatives are designed to revitalize Nigeria’s energy sector and stimulate economic growth.
This move signals a broader effort by the government to streamline taxes and encourage investment across critical industries.
Gas washing machines and dryers (launderettes) Household or laundry-type washing machines, including machines which both wash and dry.
CNG, LPG and Cryogenic 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
Cryogenic 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
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