President Bola Tinubu has announced the signing of an Executive Order aimed at attracting fresh investments of up to $10 billion into Nigeria’s oil and gas sector. The President made this disclosure during the opening session 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 revealed that the Executive Order will provide fiscal incentives for non-associated gas, midstream, and deepwater oil and gas projects. Additionally, he mentioned that the Federal Government had recently signed consolidated guidelines for implementing fiscal incentives in the oil and gas industry.
The President highlighted key provisions of the Executive Order, including streamlining contracting processes to reduce timelines from 36 months to six months. He emphasized the importance of implementing local content requirements without hindering investment or project cost competitiveness.
President Tinubu underscored the need for collaboration between the Executive and Legislative branches to fully implement these reforms, acknowledging that statutory changes may be necessary in some areas. He expressed confidence in the partnership between the Executive and the Legislature to swiftly enact these changes for the benefit of the nation.
Commending the National Assembly for its cooperation in championing policies to improve the welfare of Nigerians, President Tinubu emphasized the importance of checks and balances in governance. He called for constructive collaboration between the Executive and Legislative arms, prioritizing the national interest in decision-making processes.
In response, Speaker of the House of Representatives, Abbas Tajudeen, affirmed the Green Chamber’s commitment to addressing the nation’s economic challenges. He stressed the importance of designing progressive tax policies to ensure a fair and efficient tax system that promotes economic growth and equity.
The retreat served as a platform for discussing critical economic issues and fostering collaboration between government branches to drive sustainable development in Nigeria. With the signing of the Executive Order, stakeholders anticipate increased investment and growth in the oil and gas sector, contributing to the country’s economic diversification efforts.