The Nigeria Customs Service (NCS) has begun implementing a value-added tax (VAT) on diesel imported into the country.
The information was sent to all importers and agents of diesel in a memo dated July 28, 2023, and signed by PC Chibuoke (DC admin) on behalf of the area controller, Area I, Port Harcourt, Rivers State.
READ ALSO: Nigeria’s Stock Market Soars Above 66,000 Points, The Highest Level Ever
This development means the price of diesel may reach unprecedented highs, further worsening the plight of Nigerians and manufacturers.
Data from the National Bureau of Statistics shows that in July 2023, a litre of diesel sold for N794.48, compared to N774.38 per litre in the corresponding period last year.
Leave feedback about this