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Tinubu suspends VAT on diesel

Tinubu suspends VAT on diesel

President Bola Ahmed Tinubu has authorized a six-month exemption from the 7.5 percent VAT on automotive petrol oil, also known as diesel.

Mohammed Idris, Minister of Information and National Orientation, made the announcement on Sunday following a meeting between the federal administration and organized labour.

The news comes amid soaring diesel prices, which have risen from 600 to N1000 per litre since early June.

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“The Federal Government has also committed to providing funds for micro and small-scale businesses as well as VAT waivers on diesel for the next six months,” Idris stated.

According to reports, the declaration is part of resolutions from an emergency conference between the federal administration and organized labour to postpone the planned indefinite strike on October 3.

The federal government also reaffirmed its commitment to funding micro and small-scale businesses.

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