Connect with us

News

Nigerians groan over effects of 7.5% VAT on petrol prices

Published

on

230 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.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Police arrests Kidnappers in “Love Nwantiti” with victims

During their captivity, the women reportedly pretended to reciprocate the suspects’ affections to survive, even exchanging phone numbers.

Published

on

By

13 Views

Kaduna police have arrested two suspected kidnappers who allegedly developed romantic feelings for the women they abducted.

The suspects are accused of abducting and sexually assaulting two married women.

During their captivity, the women reportedly pretended to reciprocate the suspects’ affections to survive, even exchanging phone numbers.

Acting on intelligence, police intercepted and arrested the suspects at the meeting location on Tuesday.

After being released, the women continued communication with the suspects and arranged a meeting under the pretense of a romantic encounter.

Continue Reading

News

BREAKING: Kebbi Rice Mill Collapse , one dead, 5 traps

The Kebbi State Government has expressed deep sympathy to the management and staff of NIA-AGRI following the partial collapse of a section of its rice mill in the state capital.

Published

on

By

23 Views

Photo: Deputy Governor, Senator Umar Abubakar Tafida, who led a high-powered delegation on an on-the-spot assessment visit to the facility…

A tragedy has struck in Kebbi State as a private Rice Milks Located in Birnin Kebbi metropolis has collapsed causing the death of a staff member while five other persons were trapped under the metal wreckage of the facility.

Kebbi State Deputy Governor, Umar Tafida has visited the site, where rescue efforts are still ongoing to save the five trapped victims.

The Kebbi State Government has expressed deep sympathy to the management and staff of NIA-AGRI following the partial collapse of a section of its rice mill in the state capital.

Deputy Governor, Senator Umar Abubakar Tafida, who led a high-powered delegation on an on-the-spot assessment visit to the facility on Tuesday evening, said the visit was aimed at ascertaining the extent of the damage and overseeing the emergency response.

Tragically, the delegation was informed at the site by the Project Engineer that the incident had resulted in at least one fatality.

It was further reported that five other individuals remained trapped under the rubble as of the time of the visit, with intensive rescue operations ongoing.

A combined team of the State Fire Service and Government Emergency Response workers has been engaged in continuous efforts to locate and rescue the trapped workers.

The cause of the collapse is yet to be determined.

The Deputy Governor indicated that a full investigation would be launched once the rescue phase is concluded.

The Kebbi State Government has pledged to continue supporting the rescue operation until all affected individuals are accounted for.

Continue Reading

Business

BREAKING: Heirs Energies Acquires 20.07% Stake in Seplat Energy from Maurel & Prom in $496-500 Million Deal

Published

on

29 Views

In a major shake-up in Nigeria’s oil and gas sector, Heirs Energies Limited, chaired by billionaire Tony Elumelu, has agreed to acquire the entire 20.07% equity stake in Seplat Energy Plc from French oil company Etablissements Maurel & Prom S.A.

The transaction involves the sale of 120.4 million ordinary shares at approximately £3.05 per share, valuing the deal at around $496 million to $500 million.

The binding agreement was signed on December 30, 2025, after market close, marking Maurel & Prom’s exit from its long-held position in Seplat, one of Nigeria’s leading independent energy producers listed on both the London Stock Exchange and the Nigerian Exchange.

Tony Elumelu, Chairman of Heirs Energies and its parent Heirs Holdings, described the acquisition as a “long-term investment in Nigeria’s and Africa’s energy future,” emphasizing its alignment with goals of energy security, industrialization, and shared prosperity.

Maurel & Prom CEO Olivier de Langavant stated that the sale allows the company to monetize its stake and redirect resources toward direct investments in oil and gas assets, while expressing confidence in Heirs Energies as a strong, long-term shareholder for Seplat.

Seplat Energy, a key player in Nigeria’s energy transition with significant oil and gas operations in the Niger Delta, recently bolstered its portfolio through acquisitions, including ExxonMobil’s shallow-water assets.

This deal further consolidates indigenous ownership in Nigeria’s upstream sector, following Heirs Energies’ own growth as a major gas supplier powering domestic electricity generation.

The transaction is subject to customary closing conditions and regulatory approvals.

Continue Reading

Trending