The Federal Government (FG) has introduced a new fiscal regime featuring extensive tax exemptions for the industry.
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, announced that these fiscal incentives aim to revitalize Nigeria’s oil and gas sector. The tax exemptions are outlined in circulars titled ‘Value Added Tax (VAT) Modification Order 2024’ and ‘Notice of Tax Incentives for Deep Offshore Oil & Gas Production,’ in accordance with the Oil & Gas Companies (Tax Incentives, Exemption, Remission, etc.) Order 2024.
The VAT Modification Order 2024 introduces exemptions for various key energy products and infrastructure, including:
Additionally, the Notice of Tax Incentives for Deep Offshore Oil & Gas Production provides new tax reliefs for deep offshore projects.
Mr. Edun stated that these concessions are expected to attract significant new investments in the oil and gas sector, revitalizing the industry. He noted that the measures are designed to lower the cost of living, enhance energy security, and accelerate Nigeria’s transition to cleaner energy sources.
Expressing optimism, Mr. Edun mentioned that this initiative aims to reposition Nigeria’s deep offshore basin as a premier destination for global oil and gas investments. He emphasized that these reforms are part of a broader series of investment-driven policy initiatives by President Bola Tinubu, in line with Policy Directives 40-42.
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