A six-month reprieve of the 7.5% Value Added Tax on Automotive Gas Oil, also known as diesel, has been authorised by President Bola Ahmed Tinubu.
After a meeting between the federal government and the organised labour, this was revealed on Sunday by Mohammed Idris, the minister of information and national orientation.
The change coincides with the growing price of diesel, which increased from 600 cents per litre in early June to N1000 cents per litre.
Diesel Prices May Reach N1,500 Per Litre, With 75% Of Filling Stations Closed–Marketers
The federal government also promised to give money to micro and small businesses and to waive the VAT on diesel for the upcoming six months, according to Idris.
According to Anaedoonline.ng, the declaration is a result of decisions made at an urgent meeting between the federal administration and organised labour to put an end to the planned indefinite strike on October 3.
Additionally, the federal government reaffirmed its dedication to funding micro and small businesses.
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