The Lagos Chamber of Commerce and Industry (LCCI) has lauded the federal government’s decision to exempt cooking gas and diesel from Value Added Tax (VAT) and other incentives in the oil and gas sector, saying the steps will lower the operational costs for industries, reduce the overall cost of living for Nigerians, and increase access to clean energy.
The federal government had announced the introduction of incentives, including VAT Modification Order 2024 and notice of tax incentives for deep offshore oil and gas production.
In its reaction, the LCCI said these measures will lower the operational costs for industries, reduce the overall cost of living for Nigerians, and increase access to clean energy.
She also said the transition to Compressed Natural Gas (CNG) mobility would offer an opportunity to make energy more affordable, create jobs, and reduce emissions.
The Director General of LCCI, Dr. Chinyere Almona, in a statement issued on Saturday, highlighted some quick impact fiscal interventions that could ease the harsh economic conditions.
LCCI argued that businesses have been struggling to survive under the tight monetary stance of the government for the past 18 months.
Almona said: “We acknowledge the significant step towards alleviating the burden on businesses and households by removing the Value-Added Tax (VAT) on diesel and cooking gas.
“This well-considered move will provide immediate relief, especially as these commodities are essential to daily life and economic activities.
“Implementing the VAT Modification Order 2024 and Notice of Tax Incentives for Deep Offshore Oil & Gas Production are significant fiscal incentives that can revitalise Nigeria’s oil and gas sector,” she said.
She recalled that for too long, the high cost of diesel had weighed heavily on the manufacturing sector, logistics, and transportation while cooking gas, a cleaner and healthier alternative for households, had been made less affordable by VAT impositions.
“This policy shift will undoubtedly lower the operational costs for industries, reduce the overall cost of living for Nigerians, and increase home access to clean energy,” Almona said.
She, however, argued that a successful transition to CNG mobility would require all the possible incentives that could speed up its deployment.
These interventions, according to her, include tax reliefs for deep offshore oil and gas production that could boost oil and gas sector investments.
Almona said: “The business community is upbeat about the government’s efforts towards transitioning to Compressed Natural Gas (CNG) as an alternative fuel for mobility.”
Almona also offered some recommendations that would ensure that the shift to CNG mobility is smooth, efficient, and impactful in reducing costs for the Nigerian people.
Alumona said that it is critical to establish and expand the infrastructure for CNG refueling stations across the country to achieve the desired widespread adoption of CNG.
“Currently, access to CNG refueling points is limited, creating a barrier to adoption.
“The success of CNG mobility depends heavily on public acceptance and understanding of its benefits.
“A comprehensive awareness campaign should be launched to educate citizens and businesses on the cost advantages to individuals, cost savings for the government, and the positive environmental impact of CNG adoption.
“Transitioning to CNG requires vehicle modifications, which can be cost-prohibitive for individuals and small businesses. The government should consider creating incentives or subsidies for vehicle owners to convert their engines to run on CNG.
“The shift to CNG presents an opportunity for job creation in the energy and automotive sectors.
“We need programmes to equip existing mobility entrepreneurs like mechanics, road transport workers, and commercial bus drivers with the necessary skills for CNG-related jobs, from vehicle conversions to infrastructure maintenance and operation,” she said.
She also called for the full implementation of Naira payments for crude oil sales to the Dangote Refinery and other local refineries, which was scheduled to start on October 1, 2024.
Almona said: “This move will herald a significant milestone in Nigeria’s economic transformation.
“We urge the government to sustain the political will to be consistent with the reforms in the oil and gas sector and implement the Petroleum Industry Act (PIA) fully.
“We see the long-term gains of these reforms if they are implemented under a conducive regulatory environment.
“Removing VAT on diesel and cooking gas is a bold step towards reducing the cost of living for Nigerians, but it is only the beginning.”
Dike Onwuamaeze
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