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BIG STORY

Federal Government Removes VAT On Cooking Gas, Diesel, CNG

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The federal government has announced new concessions aimed at revitalizing the oil and gas industry, with a focus on boosting Nigeria’s upstream and downstream sectors.

Wale Edun, the minister of finance and coordinating minister of the economy, revealed two major fiscal incentives on Wednesday.

According to a statement by Mohammed Manga, director of information and public relations at the ministry of finance, the incentives are designed to revitalize Nigeria’s oil and gas sector.

Manga explained that these incentives include the “value-added tax (VAT) modification order 2024” and the “notice of tax incentives for deep offshore oil and gas production,” both issued under the Oil and Gas Companies (tax incentives, exemption, remission, etc.) Order 2024.

“The VAT Modification Order 2024 introduces exemptions on a range of key energy products and infrastructure, including Diesel, Feed Gas, Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG), Electric Vehicles, Liquefied Natural Gas (LNG) infrastructure, and Clean Cooking Equipment,” Manga said.

He added that “these measures are designed to lower the cost of living, bolster energy security, and accelerate Nigeria’s transition to cleaner energy sources.”

Manga also mentioned that the “notice of tax incentives for deep offshore oil and gas production” introduces new tax reliefs for deep offshore projects.

“This initiative is aimed at positioning Nigeria’s deep offshore basin as a premier destination for global oil and gas investments,” Manga stated.

These reforms, according to Manga, are part of a broader series of policy initiatives driven by President Bola Ahmed 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,” Manga added.

With these initiatives, he said Nigeria is on course to reclaim its position as a global leader in the oil and gas market.

The fiscal incentives underscore the administration’s dedication to promoting sustainable growth, improving energy security, and ensuring economic prosperity for all Nigerians.

BIG STORY

Protest Rocks PDP Secretariat Over Rivers Local Government Poll

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Protests erupted at the Peoples Democratic Party secretariat in Port Harcourt, Rivers State, on Thursday, as tensions rise ahead of the Local Government election scheduled for October 5, 2024.

The protesters, who arrived in large numbers at the party’s secretariat, forced security operatives to step in to control the crowd and manage traffic congestion in the area, reports Channels Television.

The unrest follows growing concerns over the delay in the release of the 2023 Voters’ Register by the Independent National Electoral Commission to the Rivers State Independent Electoral Commission.

Justice Peter Lifu of the Federal High Court in Abuja delivered a ruling on September 30, 2024, stating, “INEC was barred from releasing the voters’ register to RSIEC due to legal challenges.”

Despite the court ruling, Governor Siminalayi Fubara maintained that the election would go on as planned.

Fubara expressed confidence, citing the Supreme Court’s earlier ruling, which “mandated that all states in the federation must have democratically elected local government executives,” supports his position.

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BIG STORY

25 Dead, 125 Missing In Niger State Boat Mishap

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The Niger State Emergency Management Agency (NSEMA) says 25 persons have died following the boat accident in Gbajibo community of Mokwa LGA.

On October 1, a boat conveying over 200 passengers to Gbajibo for the Mawlid celebration capsized.

In a statement on Wednesday, Abdullahi Baba-Arah, director-general of NSEMA, said the agency had earlier recovered nine bodies.

He said another 16 bodies were found during its latest rescue operation, adding that the victims are 4 females and 21 males.

The NSEMA DG added that the search is still ongoing to rescue the remaining 125 missing passengers.

Abdullahi Baba-Arah stated, “Sixteen corpses have been recovered so far, made up of two females and 14 males.”

He further explained, “NSEMA is leading the search-and-rescue operations in collaboration with the State Ministry of Transport, the Mokwa Local Government Emergency Committee, local divers, and community volunteers.

“The rescue efforts continue, as the state mourns the loss of those who perished in the tragic accident.”

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BIG STORY

Emirates’ Return Will Open More International Routes For Local Airlines — Aviation Minister Keyamo

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Festus Keyamo, Minister of Aviation and Aerospace Development, says the return of Emirates will open more international destinations to local airlines.

Keyamo’s statement followed the return of Emirates, the United Arab Emirates (UAE) flag carrier, to Nigeria after two years.

Speaking on Wednesday in Lagos after arriving aboard an Emirates aircraft from UAE, Keyamo assured that the airline has returned to stay.

He also mentioned that the bilateral air service agreement (BASA) discussed was to secure the route for local operators.

Keyamo said, “With this, we have more competition on different international routes now. That is what it’s all about, to ensure a healthy competition.”

He further stated, “A healthy competition leads to competitive pricing for the benefit of the Nigerian people.”

Keyamo explained, “But you also know that why we fought for this, is that Dubai in particular, is a major hub of the world, it links virtually every country.”

Regarding code-sharing agreements, Keyamo said, “For our airlines too, I can tell you that we also secured some kind of code sharing agreement. We told them that if you want to code share, our airlines will have the right of first refusal.”

Keyamo applauded President Bola Tinubu’s support in the agreement and return of the airline, stating that the relationship between the two countries has been restored.

“The relationship went downhill with visa suspension and suspension of their flights for Nigerians, it was especially damaging, because we know that Nigerians have a lot of investments in the UAE,” Keyamo said.

He continued, “They have a lot of interest and investments there so, eventually it was not an adventure in self-glorification, it was actually a fight for the people of Nigeria especially.”

Keyamo also mentioned, “We signed a new BASA defining our relationship altogether, again making it more healthy, more open and for the benefits especially of the Nigerian people.”

Emirates suspended flight operations to Nigeria in November 2022 due to its inability to repatriate $85 million revenue trapped in the country.

Keyamo announced on April 8, 2024, that Emirates confirmed resolution of the issues and readiness to resume flights.

On September 27, Nigeria and the UAE agreed on reciprocal rights ahead of Emirates Airlines’ resumption.

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