Nigerian Govt Clarifies New Tax Law Misinformation Amid Fuel Market Concerns

The Nigerian government clarifies misinformation surrounding the new tax law, emphasizing benefits for individuals and businesses. Oyedel notes that the bottom 98% of income earners will pay less tax, with essential items exempt from VAT.

Additionally, large corporations will enjoy lower corporate taxes and VAT credits. Meanwhile, concerns emerge in the fuel market following the suspension of import duties on petroleum products, triggering fears of rising petrol prices.

The Nigerian Midstream Downstream Petroleum Regulatory Authority confirms the statement, causing widespread concern among depot owners and fuel market players.