FG Takes Special Action to Crash Cooking Gas Price After 4 Vessels Loaded With LPG Arrive Nigeria

Dec 11, 2023 | Entertainment, News

  • The Nigerian government has waived customs duty and VAT from LPG imports in Nigeria
  • The directive is contained in a letter by the Ministry of Finance and government agencies
  • FG also removed VAT and customs duty on LPG accessories like cylinders and others.

Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.

The Nigerian government has removed Value Added Tax and Customs Duty from cooking gas imports.

This directive is contained in a letter to several government agencies.

Cooking as, Customs Duty, VAT
FG takes action to crash cooking gas price across Nigeria
Credit: Bloomberg/Contributor
Source: Getty Images

FG gives FIRS, Customs, and others directives to stop import duty and VAT collection

A report from TheCable says that the federal government decided to waive customs duty and VAT on importing the commodity and its accessories to crash the price of Liquified Natural Gas (LPG) nationwide.

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The report said the Ministry of Finance conveyed the decision in a letter dated November 28, 2023, and addressed to several officials, including the Special Adviser to the President on Energy, the Comptroller General of Customs, and the Chairman of the Federal Inland Revenue Service (FIRS).

The Minister of Finance, Wale Edun, signed the letter.

The letter partly reads:

“In line with His Excellency, President Bola Tinubu’s commitment to improving the investment climate in Nigeria, increasing the supply of LPG to meet local demand, reducing market prices, and promoting clean cooking practices, I hereby affirm Presidential directive dated July 29, 2022, with reference number PRES/88/MPR/99,” the letter reads.

FG removes VAT from other accessories

The letter also directed Nigeria Customs to comply with the presidential directive of July 29, 2023, and withdraw all debit notes issued to oil marketers who have imported the product, using codes 2711.1.200.00 and 2722.13.00.00 from August 26, 2019, to the present.

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Other items exempted from VAT and duty payment are LPG cylinders, cascades, gas leak detectors, steel pipes, valves and fittings, dispensers, gas generators, and trucks.

Price of Cooking Gas Set to Crash as Vessels Loaded With LPG Arrive Lagos

Legit.ng reported that four vessels loaded with 23,000 tonnes of liquid petroleum Gas valued at N25.3 billion have arrived at the Lagos jetties.

The price of the commodity is currently sold at over N1,000 per kilogramme as it takes a shuttle vessel about $450,000 to convey 3,000 metric tonnes to the port.

According to data from the Nigeria Ports Authority (NPA), the Alfred Temile arrived at the New Oil Jetty with 8,000 tonnes. Verrazane began discharging 9,000 tonnes at Bulk Oil Plant and 2,000 tonnes at Lister jetties.

Source: Legit.ng

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