Connect with us

NEWS

FG Removes VAT, on LPG, Diesel

Published

on

Share

By Tony Obiechina, Abuja

The Federal Government has removed Value-Added Tax (VAT) on Liquefied Petroleum Gas and diesel in the country.The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made this known while unveiling new fiscal incentives to boost foreign investments in Nigeria’s oil and gas sector on Wednesday, October 2, 2024.

The incentives are Value Added Tax Modification Order 2024 and the Notice of Tax Incentives for Deep Offshore Oil and Gas Production.
Edun, according to a statement issued by the Director of Information and Public Relations at the Finance Ministry, Mohammed Manga, said the incentives are aimed at revitalising Nigeria’s oil and gas sector.
Manga stated that the importation of diesel, feed gas, Liquefied Petroleum Gas, Compressed Natural Gas, electric vehicles, Liquefied Natural Gas infrastructure, and clean cooking equipment would no longer require VAT payment.He added that the initiative would position Nigeria’s deep offshore basin as a premier destination for global oil and gas investments, bolster energy security, and accelerate Nigeria’s transition to cleaner energy sources. “The VAT Modification Order 2024 introduces exemptions on a range of key energy products and infrastructure, including diesel, feed gas, Liquefied Petroleum Gas, Compressed Natural Gas, electric vehicles, Liquefied Natural Gas infrastructure, and clean cooking equipment.“These measures are designed to lower the cost of living, bolster energy security, and accelerate Nigeria’s transition to cleaner energy sources,” he said.Manga noted that the notice of tax incentives for deep offshore oil and gas production provides new tax reliefs for deep offshore projects, adding: “This initiative is aimed at positioning Nigeria’s deep offshore basin as a premier destination for global oil and gas investments.“These reforms are part of a broader series of investment-driven policy initiatives championed by President Bola Tinubu, in line with Policy Directives 40-42.“They reflect the administration’s strong commitment to fostering sustainable growth in the energy sector and enhancing Nigeria’s global competitiveness in oil and gas production.“With these bold initiatives, Nigeria is firmly on track to reclaim its position as a leader in the global oil and gas market.“These fiscal incentives demonstrate the administration’s unwavering commitment to fostering sustainable growth, enhancing energy security, and driving economic prosperity for all Nigerians.”

NEWS

FG Revokes Section of Abuja-Kaduna Road Contract Handled by Julius Berger

Published

on

Share

The Federal Government has revoked a section of the Abuja-Kaduna highway contract being handled by Julius Berger over irregularities.

The Minister of Works, David Umahi, made this known during the inauguration of the rehabilitation of the Abuja-Kaduna-Zaria-Kano road on Thursday in Abuja.

Umahi said that the road contract was awarded to Julius Berger in 2018 under former President Muhammadu Buhari for N391 billion.

The minister said that the Kaduna-Zaria section has been completed and the Zaria-Kano section is almost completed, however, the Abuja-Kaduna section has witnessed slow completion rate in six years.

“We inherited about 240km in the section I and we extended another two kilometres towards Kogi state to repair the road because it is an eye saw.

“So we have additional 7.5km added to the original 750km, the cost that we gave to Julius Berger for this section is N349 billion or N2.03 billion per kilometer and it is on flexible pavement.

“The section one is 38km or 76 single carriageways when you multiply it by two.”

According to Umahi, the cost is N145 billion or N1.9 billion per kilometer adding that the section one and three are being done under tax credit.

He said that the road project needed to be divided into three sections because Julius Berger was demanding a total of 1.5 trillion for the entire road project to be completed in four years.

“However, we do not want that, president Bola Tinubu does not want that, so we predicted the option of balkanising the road into three, which we have done, and he approved it.

“When we did that by writing, Julius Berger accepted it with the rates but we did not know that they would play games by continuing to play delayed tactics.

“At that time, their own section was 710 billion, both what was done and the new thing to be done,so they started in the first section.”

He said that the Ministry of Finance promised to be paying N20 billion every month to get the job done, but Julius Berger asked for an increase which the ministry obliged from N710 to N740 billion.

Umahi said Julius Berger again wrote to the ministry last week asking for a raise from N740 to N903 billion to complete the project, a condition not favourable  to the government.

“We decided to go for about four billion naira per kilometer for an existing road we are rehabilitating on asphalt, so our position is that we are not increasing this contract for Julius Berger beyond N740 billion.

“This game must be over. I have invited them for a meeting tomorrow. We cannot do what they want. They have been pushing us around. In Bodo Boni, they got what they wanted.

“They have put the project into politics. So they are using it to demarcate our administration and we think enough should be enough,”he said

The Chairman, Senate Committee on Land Transport , Adamu Aliero, commended the President for taking the bold initiative in approving the revocation of the contract and re-awarding it to competent contractors.

Aliero said that the Abuja-Kaduna road has been a thorny issue as far back as 2021, 2022, 2023.

“The governors, the senators, front-line politicians have been complaining on the slow pace of this road. They have been talking about how many people have died because of the deplorable condition of the road.

“Let me say that there is no road in Northern Nigeria  that is as important as this road but Julius Berger kept bringing all kinds of excuses.

“This road is a vital link. It connects the northeast, northwest, southeast, south-south, and southwest, the road is very important, it  is a national asset.”

Aliero therefore, urged the contractors that have won the award to please speed up and complete the road to ease movement of goods and services to every part of Nigeria.

He also appealed to Julius Berger to restore the confidence Nigerians have in them by completing other section of the road contract they are handling that has not been revoked.(NAN)

Continue Reading

Foreign News

WHO Accuses Israel of Denying Medical Specialists’ Entry to Gaza

Published

on

Share

The World Health Organisation (WHO) has accused Israel of barring medical specialists from entering Gaza to support clinics in the besieged enclave.

The WHO said since August, eight organisations and over 50 specialised personnel had been affected by Israel’s blockade.

The specialists were intended to provide crucial support for various medical services, as well as psychological support for healthcare workers at facilities including the European Gaza Hospital and the Nasser Hospital, the WHO said.

It was reported that among the organisations denied entry was the U.S.non-profit Palestinian American Medical Association, which supports Palestinians in need of medical care.

According to the WHO, this marks the first instance in which Israel has denied entire organisations the ability to participate in relief efforts for the Gaza Strip.

The WHO reported that in the past week, support teams conducted 25 per cent fewer operations than usual.

With only 17 out of 36 clinics and 43 medical practices remaining partially operational, the WHO emphasised the irreplaceable role of these external teams in providing essential medical services.

The WHO called for full access for emergency aid teams. (dpa/NAN)

Continue Reading

Foreign News

Germany must Ensure Ukraine War Does not Spread to NATO – Scholz

Published

on

Share

It is Germany’s responsibility to make sure that a war between Russia and Ukraine does not become a war between Russia and NATO, German Chancellor Olaf Scholz.

He said this as he repeated his “nein” to sending long-range weapons to Kiev.

“I don’t consider this to be a proper delivery and that’s how it will stay,” Scholz said after a European Union summit in Brussels.

Scholz rejected key points in Ukrainian President Volodymyr Zelensky’s “victory plan” out of concerns of future escalation.

Zelensky presented his “victory plan” at the meeting and called on Scholz, again to send him Taurus cruise missiles.

The Ukrainian leader believes a deterrent missile arsenal could force Russia into peace negotiations.

Scholz also maintained his stance against a quick invitation for Ukraine to join NATO, as outlined in Zelensky’s plan.

The United States also opposes a fast-track NATO entry for Ukraine.

The chancellor referred to the resolutions of the most recent NATO summit in Washington, which offers Ukraine a general assurance that it could no longer be stopped on its way into the defence alliance.

He further said all allies must agree that NATO conditions are met for an invitation.

These include reforms in the areas of democracy, the economy and the security sector.

Scholz also used the occasion to take a swipe at his main opposition in the Bundestag or German parliament, Christian Democratic (CDU) leader Friedrich Merz.

He complained that Merz flip-flopped on Taurus deliveries, taking a no-delivery position before key elections in east Germany and changing his position after that. (dpa/NAN)

Continue Reading

Read Our ePaper

Top Stories

NEWS3 mins ago

FG Revokes Section of Abuja-Kaduna Road Contract Handled by Julius Berger

Share The Federal Government has revoked a section of the Abuja-Kaduna highway contract being handled by Julius Berger over irregularities....

Foreign News9 mins ago

WHO Accuses Israel of Denying Medical Specialists’ Entry to Gaza

Share The World Health Organisation (WHO) has accused Israel of barring medical specialists from entering Gaza to support clinics in...

Foreign News17 mins ago

Germany must Ensure Ukraine War Does not Spread to NATO – Scholz

Share It is Germany’s responsibility to make sure that a war between Russia and Ukraine does not become a war...

NEWS22 mins ago

Kebbi Govt Shuts Down College of Health Sciences Jega Indefinitely

Share The Kebbi Government has announced the closure of the College of Health Sciences and Technology, Jega, indefinitely following a...

NEWS41 mins ago

Boundary Dispute: Delta Community Seeks FG’s Intervention to Avert Bloodshed

Share The Oleh community in Delta State has petitioned the Federal Government to wade into the land dispute between it...

NEWS3 hours ago

NYSC Members Lack Nothing in Daura – Emir

Share The Emir of Daura, Alhaji Faruk Umar- Faruk, says National Youths Service Corps (NYSC) members do not suffer anything...

NEWS3 hours ago

Host Communities, Litigations Delay Trust Fund Implementation – HOSTCOM

Share The Host Communities of Nigeria Producing Oil and Gas (HOSTCOM) says some delays in Host Community Development Trust (HCDT)...

Nigeria Army Nigeria Army
NEWS3 hours ago

Nigerian Army Emphasises Responsible Social Media use for National Security

Share The Nigerian Army has stressed the importance of responsible social media usage in contributing to national security and development....

DEFENCE3 hours ago

Defence Minister Lauds Troops in Kaduna

Share The Minister of Defence, Mohammad Badaru, said he will be visiting military formations in Kaduna State, including Birnin Gwari and...

NEWS3 hours ago

CIBN, Sanwo-Olu, others Encourage Youth to Embrace Technology for Self-Development

ShareGov. Babajide Sanwo-Olu of Lagos State has advised the youth in the state to actively embrace social media and technology...

Copyright © 2021 Daily Asset Limited | Powered by ObajeSoft Inc