Tinubu signs tax remission presidential order for Nigeria’s deep offshore oil projects

President Bola Ahmed Tinubu has signed the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026.

Tinubu disclosed this successful a connection helium shared connected his authoritative X relationship connected Thursday.

According to him, the Order, erstwhile efficaciously implemented, would assistance Nigeria unlock $50 cardinal successful concern successful the country’s lipid and state sector.

He noted that the Order would beryllium heralded by the country’s estimated $10 cardinal Bonga South West project.

“I person truthful signed the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, to supply wide and predictable presumption for a caller procreation of heavy offshore concern successful Nigeria.

“The model has the imaginable to unlock up to $50 cardinal successful investment, opening with the astir $10 cardinal Bonga South West project. 

“For existing heavy offshore leases, determination is simply a wide model to scope Final Investment Decision by 31 December 2029 and person the afloat modular inducement disposable nether the Order,” helium stated.

DAILY POST reports that the latest statesmanlike bid marks the 10th large argumentation directive of Tinubu’s medication targeted specifically astatine the lipid and state sector.

Recall that successful March this year, the Federal Government began implementing Executive Order 9 connected the Read Entire Article