OVER 25 MILLION PHONES STOLEN IN ONE YEAR- FG. (PHOTO).

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 Over 25 million phones stolen in one year – FG The Crime Experience and Security Perception Survey report of the National Bureau of Statistics, a Federal Government agency, shows that Nigeria recorded 25.35 million phone theft cases between May 2023 and April 2024. According to the report, this was the most common type of crime within the period under review. The report read, “The number of crimes experienced by individuals in Nigeria was analysed over a period of time. The results show that theft of phones (25,354,417) was the most common crime experienced by individuals, followed by consumer fraud (12,107,210) and assault (8,453,258). However, hijacking of cars (333,349) was the least crime experienced by individuals within the reference period.” It also noted that most phone theft cases occurred either at home or in a public place, and about 90 per cent of such cases were reported to the police. Despite the high rate of the incident being reported, only about 11.7 per cent of t...
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FG EXEMPTS 63 ITEMS FROM VAT IN MAJOR FISCAL REFORM. (PHOTO).

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 FG exempts 63 items from VAT in major fiscal reform


• Electric vehicles, CNG, LPG vehicles top list


The federal government yesterday announced the exemption of electric vehicles (EVs), compressed natural gas (CNG) and liquefied petroleum gas (LPG) vehicles, biogas production, CNG pumps, compressors and 57 other items from Value-Added Tax (VAT), in a fresh move to drive Nigeria’s economic growth.


Also covered by the new dispensation unveiled on X  by the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Tunde Oyedele, are Automotive Gas Oil (AGO) commonly known as diesel from October 1, 2023 and  parts and semi-knocked down units of EVs for assembly in the country.


This policy move is expected to lower the cost of adopting alternative fuel technologies, which will promote cleaner and more sustainable transportation options across Nigeria.


Specific exemptions include: CNG/LPG dual-fuel vehicles, electric vehicles, and their parts; EV batteries and solar charging systems; Gas generators and CNG trucks; LPG/CNG conversion kits and dispensers; Gas-related industrial equipment such as boilers and washing machines.


This development forms part of the broader fiscal policy and tax reforms aimed at bolstering various sectors, including clean energy, transportation, and oil and gas.


Read Also: CBN sells $543.5m to stabilise FX market in September

The announcement was made by Taiwo Oyedele, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, through a post on X (formerly Twitter).


“A new order has been issued to formalise and extend the suspension of VAT on diesel. In addition, the order grants VAT exemption on CNG, electric vehicles, biogas, and biofuel equipment and accessories for clean cooking and transportation,” Oyedele said.


Details of the exemptions are contained in the official gazette for the ‘Value Added Tax (Modification) Order, 2024,’ dated September 3, 2024. These measures are designed to incentivise investment in green energy and reduce the cost burden on businesses and consumers within key industries.


Besides, the exemptions represent a decisive step towards encouraging the use of cleaner energy sources, aligning Nigeria with global efforts to reduce carbon emissions and adopt sustainable practices in transportation and industrial processes.


The fiscal incentives also encompass a broad array of equipment and materials vital to the oil and gas industry, furthering Nigeria’s capacity in both upstream and downstream oil and gas operations. This is part of the government’s broader strategy to revitalise the sector and attract investments that will enhance its competitiveness.


The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, recently unveiled these fiscal reforms. The two main incentives announced include the VAT Modification Order 2024 and the “Oil and Gas Companies (Tax Incentives, Exemption, Remission, etc.) Order 2024.”


The latter is specifically targeted at tax incentives related to deep offshore oil and gas production.


List of items exempted from VAT

Transportation and Energy Equipment: CNG/LPG dual fuel vehicles and parts; electric vehicles, electric vehicle batteries, and charging systems; solar charging systems for electric vehicles;  gas cylinders, CNG trucks, and cascades; gas generators, CNG pumps, and compressors.


Industrial Gas Equipment: Gas burners, boilers, water heaters, and washing machines; CNG and LPG dispensers, regulators, and storage tanks; Equipment used in gas leak detection, odorizing, and refineries; various components used in the processing and distribution of LNG, including piping, valves, and filters


Biofuel and Biogas Processing: Biogas digesters and compressors; Equipment for bio-ethanol refinery and biofuel production; Chemicals and enzymes used in biofuel processing; Fermentation tanks and distillation columns.


Oil and Gas Sector Enhancements: Steel pipes, valves, and fittings used in gas and LNG processing; Cryogenic storage tanks and gas leak detectors; Blending and odorizing units for LNG and CNG terminals; LNG liquefying and vaporization equipment.


The government’s VAT exemptions reflect a dual approach to simultaneously support the oil and gas sector and foster innovation in clean energy technologies. These exemptions are expected to reduce the overall cost of investment in these sectors, attract foreign investment, and spur the growth of small and medium-sized enterprises (SMEs) engaged in the production and distribution of clean energy technologies.


By exempting biofuel, biogas, and LNG-related equipment from VAT, the federal government aims to boost Nigeria’s energy mix, promote environmental sustainability, and ensure energy security in the long term.


The VAT exemptions align with Nigeria’s broader economic goals under the Fiscal Policy and Tax Reform agenda, which seeks to enhance revenue mobilization, reduce tax burdens on strategic sectors, and stimulate economic growth.


With the global energy landscape shifting towards cleaner alternatives, Nigeria’s policy shift marks a critical turning point in promoting sustainable development.

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