President Tinubu’s Executive Order Expected to Unlock $10 Billion in Investments for Nigeria’s Oil and Gas Sector

Date:

President Tinubu Unveils Executive Order to Boost Oil and Gas Sector Investments

Thank you for reading this post, don't forget to subscribe!

President Bola Tinubu revealed on Tuesday, April 30, that he has recently enacted an Executive Order aimed at unlocking approximately $10 billion in fresh investments within Nigeria’s oil and gas sector. This announcement came during the inauguration of a two-day retreat on economic transformation and development, organized by the House of Representatives.

Represented by his Chief of Staff, Femi Gbajabiamila, President Tinubu disclosed that the Executive Order is set to facilitate investments through Fiscal Incentives for Non-Associated Gas (NAG), Midstream, and Deepwater Oil & Gas Developments.

Furthermore, he highlighted that the Nigerian government, just last week, signed consolidated guidelines for implementing Fiscal Incentives for the Oil & Gas Sector. These guidelines, he emphasized, aim to enhance the global competitiveness of Nigeria’s oil and gas sector while spurring economic growth.

President Tinubu elaborated on the Executive Order’s provisions, which streamline contracting processes, procedures, and timelines, reducing them from 36 months to a mere 6 months. Additionally, the order ensures the implementation of local content requirements without hindering investments or compromising the cost competitiveness of oil and gas projects.

In tandem with these initiatives, the President underscored ongoing reforms within Nigeria’s tax regimes to optimize revenue collection without adversely impacting government revenues.

President Tinubu expressed confidence in the partnership between the Executive and the Legislature, stressing the need for statutory changes to fully implement these reforms. He commended the National Assembly for its collaborative efforts, highlighting recent legislative achievements aimed at enhancing the welfare of Nigerians.

In his address at the retreat, Speaker of the House of Representatives, Abbas Tajudeen, underscored the House’s focus on tax reforms and the review of the Petroleum Industry Reform Act (2021). He emphasized the imperative of aligning legislative efforts to support and bolster the government’s economic initiatives.

The Speaker emphasized the importance of progressive tax policies to foster economic growth and equity, alongside the implementation of the Petroleum Industry Act (PIA) to overhaul Nigeria’s petroleum industry.

Deputy Speaker Benjamin Kalu echoed concerns about Nigeria’s inefficient tax system, citing low tax collection rates and the need for comprehensive reforms to broaden the tax base and enhance compliance mechanisms.

In conclusion, the retreat serves as a critical platform for stakeholders to strategize on legislative frameworks that will contribute to Nigeria’s economic transformation and growth, with a particular focus on tax reforms and the implementation of the Petroleum Industry Act.


Discover more from Naija247news

Subscribe to get the latest posts to your email.

Share post:

Subscribe

Popular

More like this
Related

Bank of Industry Grows Profit by 118% to N153 Billion

May 23, 2024. Azonuchechi Chukwu. The Bank of Industry (BOI) said...

International Breweries Opens Rights Issue, Seeks To Raise N588 Billion

May 23, 2024. Azonuchechi Chukwu. International Breweries opened its N588 billion...

NIBSS: Deployed PoS terminals across Nigeria hit 2.7 million in March 2024

May 23, 2024. Azonuchechi Chukwu. The number of Point of Sales...

Naira Depreciates To N1,495/$ In Black Market

May 23, 2024. Azonuchechi Chukwu. Nigerian Naira on Wednesday, depreciated in...

Discover more from Naija247news

Subscribe now to keep reading and get access to the full archive.

Continue reading