Tinubu Signs Executive Orders on Oil, Gas Reforms
President Bola Tinubu has given policy directives to improve the investment climate and position Nigeria as the preferred investment destination for the oil & gas sector in Africa.
This followed “extensive engagements, analyses, and benchmarking with other jurisdictions” a statement signed by the President’s Special Adviser on Media and Publicity, Ajuri Ngelale, read Wednesday
Tinubu initiated the amendment of primary legislation to introduce fiscal incentives for oil & gas projects, reduce contracting costs and timelines, and promote cost efficiency in local content requirements.
The executive orders were pushed to remove obstacles to investments in Nigeria, harness the nation’s resources and diversify the economy for the benefit of all Nigerians.
It noted that recognising the urgency to accelerate investments, the President directed the introduction of fiscal incentives for non-associated gas, midstream and deepwater developments; Streamlining of contracting process to compress the contracting cycle to six months and the application of the local content requirements without hindering investments or the cost competitiveness.
“The details of these Policy Directives will be gazetted and communicated by the Federal Ministry of Information and National Orientation.
“These incentives were developed in collaboration with the Federal Ministry of Justice, Federal Ministry of Finance, Federal Ministry of Petroleum, Federal Ministry of Budget and Economic Planning, Federal Inland Revenue Service.
“Other are the Nigerian National Petroleum Company Limited, the Nigerian Upstream Petroleum Regulatory Commission, the Nigerian Midstream and Downstream Petroleum Regulatory Commission, and the Nigerian Content Development and Monitoring Board,” the statement added.
The president has directed special Assurant on Energy to continue coordinating the aforementioned stakeholders to ensure the implementation of the directives within a stipulated timeframe. #Tinubu Signs Executive Orders on Oil, Gas Reforms Nigeria Bonds, Treasury Bills Yields Collide at 17.2%
