Business
FG Exempts 63 Items From Value-Added Tax
The Federal Government of Nigeria has announced that 63 items have been exempted from Value-Added Tax (VAT) as part of ongoing efforts to stimulate economic growth and support key industries.
This was disclosed by Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, in a post on X on Friday.
The exempted items are outlined in the “Value Added Tax (Modification) Order, 2024,” which was officially gazetted on September 3, 2024.
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The exemptions primarily target goods and equipment related to clean energy and the oil and gas sectors, signaling the government’s commitment to transitioning to more sustainable energy sources and revitalizing the oil and gas industry.
This announcement came just two days after Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, revealed the introduction of key fiscal incentives aimed at boosting Nigeria’s oil and gas sectors, both upstream and downstream.
The incentives include the VAT modification order and a notice of tax incentives for deep offshore oil and gas production, under the Oil and Gas Companies (tax incentives, exemption, remission, etc.) Order, 2024.
Here are all 63 items exempted from Value-Added Tax (VAT)
1. CNG/LPG Dual Fuel Vehicles
2. Dedicated LPG Vehicles
3. CNG/LPG Dual Fuel Vehicles Parts
4. Semi-knocked down units (for assembly) of CNG and LPG Buses
5. Parts and semi-knocked down units (for assembly) of Electric Vehicles
6. Electric Vehicles
7. Electric Vehicle Batteries
8. Electric Vehicle Charging Systems
9. Electric Vehicle Solar Charging Systems
10. LPG/CNG Conversion Kits
11. CNG Cylinders
12. CNG Cascades
13. CNG Dispensers
14. Gas Generators
15. CNG Trucks (Bobtails and Bridgers; fixed axle and semi-trailers)
16. Steel Pipes
17. Steel Valves & Fittings
18. SS Tubes & Fittings
19. Storage Tanks (all sizes)
20. Regulators
21. CNG Pumps and Compressors (all types)
22. Steel
23. Pressure Relief Valves
24. Hydraulic Press/Rolling Machines
25. Heat Treatment Equipment
26. Liquid Level Gauges
27. Pumping Housing and Motors
28. Regulator Bodies
29. Pressure Gauges
30. Truck Chassis
31. Metering and Measuring Equipment (including weighbridges, filling scales)
32. Dispensing Equipment (dispensing scales, nozzles, gas filling systems)
33. Safety Features (emergency shutoff valves, pressure relief valves, excess flow valves, breakaway couplings, quick release couplings)
34. Gas Water Heaters
35. Gas Burners for Industry
36. Gas Boilers
37. Gas Washing Machines and Dryers (launderettes)
38. Household or Laundry-type Washing Machines, including machines that both wash and dry
39. CNG, LPG, and Cryogenic Hoses
40. Tubes, Pipes, and Hoses, and Fittings (e.g., joints, elbows, flanges) of Plastics
41. CNG Truck Heads
42. Gas Leak Detectors
43. Gas Air Conditioners
44. Cylinder Refurbishment Equipment
45. Blending Skid/Unit
46. Odourizing Units
47. Chromatography Unit (GC)
48. LNG Liquefying Equipment
49. Heat Exchangers
50. LNG Vaporizers
51. Regassification Plant
52. Liquefied CNG Compression Terminals
53. LNG Plant, Machinery, Pumps, Compressors, Filters (including Gas Filters), Weighing Machines, Valves Equipment
54. Cryogenic Storage Tanks
55. Liquefied CNG Conversion Tanks
56. Pipes, Piping Fittings, and Flanges for LNG Processing
57. Electrical Equipment, including Cables for LNG Processing
58. Steel Plates, Angles, and Bars for LNG Processing
59. LNG-Related Chemicals
60. Biogas Digesters
61. Biogas Compressors
62. De-sulphurization Units
63. Distillation Columns for Processing Biofuels
Business
CSOs Urge Further Reduction Of Pump Prices Of Petrol
Following the marginal reduction of the pump prices of premium motor spirit (PMS) by the Dangote Petroleum Refinery and the Nigerian National Petrol Company Limited (NNPC Ltd), civil society groups have reacted by calling for further downward review.
Recall that the Dangote Petroleum Refinery had announced a partnership with MRS Oil and Gas to offer petrol at N935 per litre at retail outlets, while it reviewed the ex-depot price from N970 to N899.50 per litre.
The move, saw state oil major, the Nigeria National Petroleum Company peg its retail prices at N965/litre.
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However, the civil society groups are of the opinion that the price reduction, fall short of expectations.
According to the Chairman, Centre for Accountability and Open Leadership, Debo Adeniran, the reduced price of N935/litre was still expensive and unsatisfactory.
He pointed out that petrol was just one of the products coming out of crude and that both government and private business could still give out free petrol to citizens while making huge profits from the other products.
In his words, “Well, we believe that if NNPC and the private sector actually give out PMS for free, they will still not run their business at a loss, because the other derivatives of petroleum products can still serve them, and can still make them to break even. So, even at that N900 and something, it’s still expensive.
“Dangote has kind of mooted the idea that it could drop to as low as N650. And if he has mulled this, then it means that it is the state, it is the NNPC that will have been the clog in the wheel of such progress. And you know also that we expected that fuel prices, especially PMS prices, will drop below N200 when Dangote was expected to come on stream.
“So, it’s unfortunate that we are still talking about over N900 and they want us to jump up and rejoice for that. That is not satisfactory. They should just let us see the breakdown of their production cost and why it’s still there. I mean, there are countries like Libya under Gaddafi that gave out PMS for free and they didn’t run anything at any loss. So, I believe that it can still go further down.”
On his part, the Executive Director of the Civil Society Legislative Advocacy Centre, Ibrahim Rafsanjani, commended the reduction of fuel prices by the NNPC and Dangote, but said the government could still reduce the price.
“Dangote’s own is about N899 or something like that. Well first and foremost, we are happy that there is a little reduction in the prices. But also based on analysis and based on facts and evidences, we believe that it is possible for the Nigerian government to further reduce the prices.
“Because if a private company can reduce the price and it still makes profit, we wonder why government-owned enterprises cannot really pity its citizens,” he said.
Business
Non-Oil Sector Fuels Nigeria’s Q3 2024 GDP Growth, Says CBN
The Central Bank of Nigeria (CBN) has announced a significant growth in the country’s economy, with a 3.46% increase in gross domestic product (GDP) in the third quarter of 2024.
This marks the third consecutive quarter of expansion, up from 3.19% in Q2 2024 and 2.54% in Q3 2023.
According to the newly published Q3 economic report, Nigeria’s GDP output rose to ₦20.115 trillion, reflecting a notable improvement from ₦18.285 trillion in the previous quarter.
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The CBN attributed this growth primarily to the performance of the non-oil sector, which grew by 3.37% compared to 2.80% in Q2 2024.
The report highlighted transportation, crop production, and other sub-sectors such as financial & insurance services, information & communication, trade, and real estate as major contributors to the expansion.
The non-oil sector accounted for 3.18 percentage points of the total growth rate.
“The expansion of the non-oil sector was driven by the performance of the financial & insurance, information & communication, crop production, trade, transportation & storage, and real estate sub-sectors,” the report stated.
Despite the economic growth, challenges persist. Inflation, particularly in food prices, remains a significant concern, standing at 39.93% as of November 2024.
Rising food and energy costs have also impacted transportation expenses, with intercity bus fares increasing by 20.23% year-on-year to ₦7,117.17 in July 2024, according to the National Bureau of Statistics.
Furthermore, the cost of petroleum, now exceeding ₦1,000 per litre, has driven up logistics and transportation expenses, adding pressure to households and businesses alike.
The CBN acknowledged these challenges, noting that the growth was achieved despite headwinds such as high inflation and rising operational costs.
Enhanced security measures in the Niger Delta have boosted domestic crude oil production, while restrictive monetary policies have helped moderate inflation in some areas.
“The growth recorded in the country is a result of continued efforts to improve the business environment, streamline cumbersome business processes, and deepen the quality of business infrastructure,” the CBN noted.
However, the report comes amid concerns over businesses exiting Nigeria due to persistent economic challenges.
Business
CSR: Asharami Synergy Donates Furniture To Gaskiya Junior School
Asharami Synergy, a leading downstream energy solutions provider, has demonstrated its commitment to community development and education by donating essential furniture to Gaskiya Junior School in Ijora, Lagos, Nigeria.
Biztellers reports that the social responsibility initiative was executed in collaboration with Sahara Group Foundation – the social impact vehicle of global energy conglomerate, Sahara Group.
It was gathered that the initiative is part of Asharami Synergy’s ongoing efforts to support education in communities.
The donation includes classroom desks and chairs for the JSS1 classes.
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CEO of Asharami Synergy, Nomnso Dike, said the project will create a more comfortable and functional learning environment and enhance student performance.
“We are delighted at the opportunity to support the attainment of Sustainable Development Goal (SDG) 4, which focuses on ensuring inclusive and equitable quality education. It has been a privilege to collaborate with the management and students of Gaskiya Junior School to deliver this project, and we look forward to future opportunities to enhance academic performance in this historic institution,” Dike said.
According to him, Asharami Synergy’s education-focused social impact initiatives have benefitted over 10,000 individuals. They focus on building capacity and providing the resources necessary to help students learn and grow sustainably.
“Education is the foundation of a brighter future, and at Asharami Synergy, we believe that every child deserves a learning environment that inspires and empowers them” he noted, adding, “This donation is not just about providing furniture; it’s a reminder to the students that their dreams are valid, and we are committed to helping them achieve their goals.”
Vice Principal Academic of Gaskiya Junior School, Sola Oladokun, commended Asharami Synergy for the donation, noting that it would inspire students to perform better with “increased concentration and fewer distractions”.
“These desks and chairs are a game-changer for our students. It’s heartwarming to see their excitement, and as teachers, we are equally thrilled because this will make teaching and learning more effective. We are incredibly grateful to Asharami Synergy and Sahara Group Foundation for this thoughtful intervention,” she added.
Two representatives of the students, Akin Moses and Chukwudi Gift, at the event said the donation would increase their “desire to dream bigger and concentrate better during lessons”.
Also speaking at the commissioning, COO at Asharami Synergy, Adekanmi Adesola, said, “What started as an opportunity to support the communities that host our operations has now come full circle. This donation directly impacts the lives of these students, and we are proud to bring smiles to the faces of the students and teachers.”
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