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Business News of Tuesday, 31 October 2023


FG launches seven conversion centres for cheaper fuel, removes VAT on CNG purchases

Fuel pump Fuel pump

The Nigerian government, via the Presidential Compressed Natural Gas Initiative (PCNGI) Steering Committee, said on Friday, October 27, 2023, that seven conversion centres had been installed across Nigeria.

Chairman of the Committee, Zacch Adedeji, revealed this during the initiative's launch with the handing over of two CNG buses to Olusesan Adebiyi, the State House Permanent Secretary at the Presidential Villa in Abuja.

Nigeria moves to pivot away from petrol

The Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) represented Adedeji at the occasion.

Adedeji said that establishing the CNG conversion centres shows President Bola Tinubu's administration's determination to lead Nigeria's energy revolution.

He stated that more CNG conversion centres would be built across Nigeria, calling the action a key milestone in the country's march to a cleaner and more prosperous future.

He said the action was about job creation and not just about cars.

FIRS to waive WAT on CNG purchases

Adedeji, the interim Chairman of the Federal Inland Revenue Service (FIRS), said the service would waive VAT on CNG purchases and seek duty exemptions along the value chain.

According to him, the aim was to create a sustainable future by using the nation's cheap energy supply.

AbdulRahaman AbdulaRazaq, Chairman of the Nigeria Governors' Forum (NGF) and Kwara State Governor, said that the event is a watershed in Nigeria's history as it continues its move from petrol to gas-powered cars.

The Kwara State governor revealed that universities would be the first to benefit from the buses. “Fuel Expensive”: Tinubu’s Government moves to convert 10 million petrol vehicles to run on gas