News

Nigerians groan over effects of 7.5% VAT on petrol prices

Published

3 years ago

June 19, 2023

228 Views

Nigerians have begun to lament the effects of the introduction of a 7.5 per cent Value-Added Tax on the price of premium motor spirit, otherwise known as petrol.

This comes barely a month after President Bola Tinubu removed the subsidy on petrol during his inaugural speech on May 29, raising the price of PMS from N188 to about N580 in different states of the federation.

Recall that the Minister of Finance, Budget and National Planning, Zainab Ahmed, announced that the Finance Act 2020 raised the previous 5 per cent VAT of the country to 7.5 per cent on commodities including automobile gas oil and it was implemented on February 20, 2020.

But the VAT-exempt items include honey, bread, cereals, cooking oils, culinary herbs, fish, flour, starch, fruits, meat, poultry, milk, nuts, pulses, roots, salt, vegetables, water, sanitary pads, tampons, tertiary, secondary, primary and nursery tuition.

While other commodities have been VAT-compliant, PMS was not until recently because it was being subsidised by the Federal Government.

However, the new development has hit Nigerians hard, as many have called for an utmost review of it, especially because of the recent removal of fuel subsidies.

See reactions below:

A user, Ingawa said, “That means for every litre of AGO you will buy, you have to pay 7.5% Consumer Tax (VAT) of the Pump Price. For example; If 1 litre of AGO is N650 at the filling station, then you have to pay an additional N48.75 being payment for 7.5% VAT. The total price per litre will be N698.75 per litre.”

Another user, Angry Non-Nigerian, said, “When Tinubu said ‘widen the tax net, you people thought he was joking. The only thing that man knows is tax, tax and tax. As Lagosians.”

One Oyo said, “The Citizens will be the main IGR for this government. There is no single move to cut the cost of government from the Senate to the House to other departments. They went to education first by trying to add tuition fees, now 7.5% VAT on PMS. Everything directly to the common man.”

Akwa Ibom 1st son opined, “So after the removal of subsidy and the price of fuel jumped to 530, they’ve now decided to add 7.5%. VAT on AGO. In all of these, what are the politicians losing, and what are they sacrificing?”

“7.5% VAT on diesel after subsidy on petrol was removed? They will show you people shege banza pro max air 2. The government is after our lives bro!.

“Even those that were shouting ‘Akanbi’ will not be left out. They might even end up being the most affected. The evil will go round. I swear!

“Good governance is not attained by wishful thoughts, things don’t work that way. Now, Tinubu is going for a check-up after ruining the economy with senseless policies.

“His supporters have been crying since last week because the pressure is going around. We must all learn a lesson,” Madu Obi wrote.

News

Anthony Joshua’s accident caused by over speeding – FRSC

The FRSC Ogun Sector Command revealed that five adult males were involved in the crash., adding that two of the occupants who died on the spot were foreign nationals.

Published

2 hours ago

December 29, 2025

OCHEFA

18 Views

Photo: FRSC officials at the scene of the accident. Credit: FRSC

The Federal Road Safety Corps has confirmed that excessive speed and wrongful overtaking led to the crash involving British-Nigerian boxing champion, Anthony Joshua, along the Lagos–Ibadan Expressway on Monday.

The Corps Public Education Officer, Assistant Corps Marshal Olusegun Ogungbemide, disclosed stated that the Lexus Jeep, which was suspected to be travelling beyond the legally prescribed speed limit on the corridor, lost control during an overtaking manoeuvre and crashed into a stationary truck well packed by the side of the road.

The FRSC Ogun Sector Command revealed that five adult males were involved in the crash., adding that two of the occupants who died on the spot were foreign nationals.

Their remains have since been deposited at the Livewell Morgue in Sagamu.

Joshua and the driver of the vehicle were rescued by security personnel attached to his convoy and taken to a hospital, where they are currently receiving medical attention.

News

JUST IN: Anthony Joshua escapes death in Ogun auto crash

An eyewitness disclosed that there were four occupants in the Lexus at the time of the crash, with Joshua seated behind the driver. While the boxer sustained minor injuries, two occupants of the vehicle reportedly died on the spot.

Published

4 hours ago

December 29, 2025

OCHEFA

21 Views

World heavyweight boxing champion, Anthony Joshua, narrowly escaped death on Monday after being involved in a road accident along the busy Lagos–Ibadan Expressway at Makun area of Ogun State.

Eyewitnesses said the accident occurred at about 11:00 a.m., just before Danco Filling Station, Makun, inward the Sagamu Interchange on the Ibadan axis of the expressway.

Joshua was reportedly travelling in a Lexus SUV with registration number KRD 850 HN, which collided with a stationary truck under circumstances that are yet to be fully ascertained.

The Lexus was said to be part of a two-vehicle convoy, alongside a Pajero SUV conveying his security detail.

News

Industrialist Nuel Ojei, dies at 74, Governor Oborevwori mourns

Ojei was an outstanding entrepreneur, visionary leader and committed Deltan whose contributions to business development, job creation and philanthropy left an enduring legacy in the state and Nigeria at large,” said Oborevwori.

Published

9 hours ago

December 29, 2025

OCHEFA

52 Views

• Nuel Ojei.

The Founder, Executive Chairman, and Chief Executive Officer of Nuel Ojei Holdings Ltd, Emmanuel Ojei, has died at the age of 74.

Fondly and popularly known as Nuel Ojei, the businessman died on Saturday night at his hometown, Issele-Uku, in Aniocha North Local Government Area of Delta State.

His son, Chuks Ojei, confirmed the development in a statement issued on Sunday on behalf of the family.

He described the loss as a profound shock and an irreplaceable personal tragedy.

Reacting to the obituary announcement, the Delta State Governor, Sheriff Oborevwori, describes Nuel Ojei’s death as a major loss to the state and the nation.

“Ojei was an outstanding entrepreneur, visionary leader and committed Deltan whose contributions to business development, job creation and philanthropy left an enduring legacy in the state and Nigeria at large,” said Oborevwori.

In a statement issued by his Chief Press Secretary, Festus Ahon, the governor recalled that Chief Ojei, the founder of Nuel Ojei Holdings and Nuel Auto Distributors, began his business career at Rutam Motors in 1973 before he established his own companies that later became major players in Nigeria’s automotive and allied industries.

“Under his leadership, Nuel Auto Distributors, founded in 1981, emerged as the sole agent for Mazda vehicles in Nigeria and later partnered with Mercedes-Benz for authorised vehicle servicing.

“Through Nuel Ojei Holdings, he led a large indigenous conglomerate with investments in automotive, banking, construction and other sectors, providing employment opportunities for hundreds of Nigerians.“

In recognition of his contributions to business development, Delta State University awarded him an honorary Doctorate in Business Administration in 2003.

“The late Ojei was a generous philanthropist whose Nuel Ojei Foundation touched many lives through educational, health and social interventions.”

Oborevwori extended his condolences to the Ojei family, the people of Issele-Uku and the business community, praying that God would comfort them in their grief.