Tinubu Suspends VAT on Diesel for Six Months to Address Rising Costs

• President Bola Ahmed Tinubu has suspended the 7.5% Value Added Tax (VAT) on diesel in Nigeria for six months.
• The announcement was made by the Minister of Information and National Orientation, Mohammed Idris, after a meeting between the government and organized labor.
• The cost of diesel has been rising, reaching N1000 per litre from 600 per litre in June.
• The federal government has also committed to providing funds for micro and small-scale enterprises.
• These decisions were made in an emergency meeting to prevent an indefinite strike planned for October 3.

Source: dailypost.ng

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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