The Manufacturers Association of Nigeria (MAN) has commended the Federal Government’s announcement of 7.5 per cent Value Added Tax (VAT) waiver on Automotive Gas Oil (AGO), cfommonly called diesel.
Mr Segun Ajayi-Kadir, Director General, MAN, on Monday in Lagos via a statement, described the development as a positive outcome for the real sector.
He said provisional cash transfer to 15 million households, food relief packages, the 7.5 per cent AGO tax waiver, amongst other measures would be provided to Nigerians. “We already have enough challenges and the manufacturing sector in particular, is operating on the brink of a recession. “You are also aware that the price has gone above N1,000 per liter. Meanwhile, it is said that diesel is used to fuel about 90 per cent of the haulage trucks that transports petrol from the depots to retail outlets nationwide.“So, removing the VAT will help reduce the cost as a production input and cost of transportation for logistics and movement of people generally. It should bring relief to workers and the economy,” he said.
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