KENYA HIKES FUEL PRICES BY 6% FOLLOWING LINGERING MIDDLE EAST TENSIONS. (PHOTO).

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 Kenya hikes fuel prices by 6% following lingering Middle East tensions Kenya raised the maximum retail prices of petrol and diesel on Wednesday, the energy regulator said, citing higher import costs linked to the conflict in the Middle East. The east African nation hiked petrol prices by 6% and diesel prices by 4.5% as it relies on the Middle East region for nearly all of its fuel supplies. A litre of diesel will cost 227.76 Kenyan shillings ($1.76) in the capital city of Nairobi, from 217.86 shillings, while kerosene will rise to 219.87 shillings from 191.38 shillings between October 15 and November 14, when new prices will be announced, TRT Afrika reported. The energy regulator said the government extended a reduction in value-added tax on fuel to 8% from 16% until January 14. Fuel prices affect multiple sectors including transport, agriculture and construction.
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FG INAUGURATES INTER MINISTERIAL COMMITTEE TO DEVELOP 2026 VAT MODIFICATION ORDER.(PHOTO).

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 FG INAUGURATES INTER MINISTERIAL COMMITTEE TO DEVELOP 2026 VAT MODIFICATION ORDER


The Federal Government has inaugurated an Inter-Ministerial Committee to draft the 2026 VAT Modification Order, a key step in implementing Nigeria's new tax laws.


The Finance Minister and Coordinating Minister of the Economy Taiwo Oyedele who swore-in the committee tasked  it with to review VAT "Exempt and Zero-rated" provisions under the Nigeria Tax Act, as well as recommending a clearer, more practical framework for businesses and tax administrators.


The committee drawn from the Finance Ministry, Nigeria Revenue Service, Customs, Trade Ministry, Manufacturers Association of Nigeria; Tax Advisory Committee, Tax Justice and Governance Platform has six weeks to submit a draft Order, updated exemption schedules, and a stakeholder consultation report.

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