Tinubu Approves Suspension Of VAT On Diesel

By Babatunde Solanke

President Bola Ahmed Tinubu has approved a six-month waiver of the 7.5 per cent Value Added Tax (VAT) on Automotive Gas Oil, popularly known as diesel.

The Minister of Information and National Orientation, Mohammed Idris, made this disclosure on Sunday after a meeting between the federal government and the organized labour.

This latest development comes amid the rising cost of diesel, which jumped from 600/per litre in earlier June to N1000/ per litre.

The Federal Government also committed to providing funds for micro and small-scale enterprises and waivers on VAT on diesel for the next six months,” Idris said.

 The announcement comes as part of resolutions from an emergency meeting between the federal government and the organized labour to halt the planned October 3 indefinite strike.

The federal government also reiterated its commitment to provide funds for micro and small-scale enterprises.