A six-month reprieve of the 7.5% Value Added Tax on Automotive Gas Oil, also known as diesel, has been authorized by President Bola Ahmed Tinubu.
After a meeting between the federal government and the organized labor, this was revealed on Sunday by Mohammed Idris, the minister of information and national orientation.
The change coincides with the growing price of diesel, which increased from 600 cents per liter in early June to N1000 cents per litre.
The federal government also promised to give money to micro and small businesses and to waive the VAT on diesel for the upcoming six months, according to Idris.
The declaration is a result of decisions made at an urgent meeting between the federal administration and organized labor to put an end to the anticipated indefinite strike on October 3.
Additionally, the federal government reaffirmed its dedication to funding micro and small businesses.