President Bola Tinubu recently signed an executive order on oil and gas reforms in Nigeria.

President Bola Tinubu recently signed an executive order on oil and gas reforms in Nigeria.

Presidency spokesman, Ajuri Ngelale, said following extensive engagements, analyses, and benchmarking with other jurisdictions, Tinubu initiated the amendment of primary legislation to introduce fiscal incentives for oil and gas projects.

Tinubu’s aide on social media, Dada Olusegun, in an update highlighted seven advantages of the oil and gas reforms in a statement on Wednesday.

READ ALSO: Senate minority whip lauds Tinubus executive order on oil & gas reforms

“The new fiscal incentives were launched by the presidency to rejuvenate the oil and gas sector, with the goal of attracting over $10 billion in investment,” Olusegun said.

“The Federal Government endorsed the Consolidated Guidelines for implementing these fiscal incentives, which are expected to enhance the sectors global competitiveness and stimulate economic growth.

“Presidential directives developed by Mrs. Olu Verheijen, the Special Adviser to the President on Energy, the directives aim to provide a competitive framework for the industry.”

READ ALSO: IPPG hails Tinubus policies in oil, gas industry

Olusegun said the guidelines were created through collaboration among the Finance and Petroleum Ministries and key regulatory bodies like FIRS, NUPRC, and NMDPRA.

He stated that the measures are designed to deliver competitive returns for projects and help Nigeria reach its oil production target of 4 million barrels per day while also boosting gas supply reliability.

According to him, among the signed guidelines are the NUPRC Guideline on Hydrocarbon Liquids Content in Non-Associated Gas Fields and tax credits and allowances for gas development and utilization.

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