The removal of the fuel subsidy led to a spike in the cost of the product and cost of living.

The Federal Government says 63 items have been exempted from Value-Added Tax (VAT).

Taiwo Oyedele, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, disclosed this in a post on X on Friday.

He said the exempted items are contained in an official gazette for the ‘Value Added Tax (Modification) Order, 2024,’ dated September 3, 2024.

It comes two days after the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced the introduction of concessions aimed at revitalising the oil and gas industry to ensure a boost in Nigeria’s upstream and downstream sectors.

The minister unveiled two major fiscal incentives. They included VAT modification order 2024 and notice of tax incentives for deep offshore oil and gas production, in accordance with the Oil and Gas Companies (tax incentives, exemption, remission, etc.) Order 2024.

In the official gazette, the federal government said the provisions of “this order, as they relate to Automotive Gas Oil (AGO) shall be deemed to have commenced on the 1st day of October, 2023”.

Here is a full list of the items exempted from VAT

CNG/LPG Dual Fuel Vehicles

Dedicated LPG Vehicles and CNG/LPG Dual Fuel Vehicles

Parts, and semi-knocked down units (for assembly) of CNG and LPG Buse.

Parts, and semi-knocked down units (for assembly) of Electric Vehicle

Electric Vehicles

Electric Vehicles Battery

Electric Vehicles Charging System

Electric Vehicle Solar Charging System

LPG/CNG Conversion Kits

CNG Cylinders.

CNG Cascades

CNG Dispensers

Gas Generators

CNG Trucks (Bobtails and Bridgers; fixed axle and semi-trailers

Steel Pipes

Steel Valves & Fittings

SS Tubes & Fittings

Storage Tanks (all sizes)

Regulators

CNG Pumps and Compressors (all types)

Steel

Pressure Relief Valves

Hydraulic press/Rolling machine

Heat Treatment Equipment

Liquid Level Guage

Pumping Housing and Motors

Regulator Body

Pressure Guage

Truck Chassis

Metering and Measuring Equipment (including weighbridges, filling scales)

Dispensing equipment (dispensing scales, nozzles, gas filling systems)

Safety Features (emergency shutoff valves, pressure relief valves, excess flow valves, breakaway couplings, quick release couplings)

Gas water heaters

Gas burners for industry

Gas boilers

Gas washing machines and dryers (launderettes) Household or laundry-type washing machines, including machines which both wash and dry.

CNG, LPG and Cyrogenic Hoses Tubes, pipes and hoses, and fittings thereof (for example,joints, elbows, flanges) of plastics.

CNG truck heads

Gas Leak Detectors

Gas air conditioners

Cylinder refurbishment equipment

Blending skid/unit

Odourizing unit

Chromatography unit (GC)

LNG Liquefying Equipment, Heat Exchangers,LNG Vapourizers, Regassification Plant, Liquefied CNG Compression Terminals

LNG Plant, Machinery, Pumps, Compressors, Filters (Including Gas Filters), Weighing Machines, Valves Equipment

Cyrogenic Storage Tanks, Liquefied CNG Conversion tanks

Pipes, Piping Fittings, Flanges used for Liquefied Natural Gas processing

Electrical Equipment, including Cables for Liquefied Natural Gas processing

Stell Plates, Angles, Bars for Liquefied Natural Gas Processing

LNG Related Chemicals

Biogas Digester

Biogas Compressor

De-sulphurization units

Dryer

Distillation columns for processing biofuels

Bio-ethanol refinery equipment

Fermentation Tanks

Biofuel related Chemicals, Enzymes and Reagents

Liquefied Petroleum Gas

Compressed Natural Gas

Feed Gas

Automotive gas oil (Channels TV)