FG waives diesel import tax as prices top N1,000/litre

The Federal Government has said it will waive for the next six months the Value Added Tax recently introduced on diesel imports as the pump prices of the product have surged to as high as N1,315 per litre. 

The announcement of the waiver was made on Sunday after a meeting with the leadership of the Nigeria Labour Congress and Trade Union Congress on measures to address the dispute arising from petrol subsidy removal.

It said in a statement: “The parties noted the following: The Federal Government has announced N25,000 only as a provisional wage increment for all treasury-paid federal government workers for six months.

“The Federal Government is committed to fast-tracking the provision of Compressed Natural Gas buses to ease public transportation difficulties associated with the removal of petrol subsidy.”

It added: “The Federal Government commits to the provision of funds for micro and small-scale enterprises. VAT on diesel will be waived for the next 6 months.

“The Federal Government will commence payment of N75,000 to 15 million households at N25,000 per month, for a three-month period  from October-December 2023.”