President Bola Tinubu announced that he had signed an executive order to unlock up to $10 billion of new investments in Nigeria’s oil and gas sector.
This was disclosed by the President in his speech, at the opening of a two-day retreat on economic transformation and development organised by the House of Representatives, on Tuesday, according to The Punch.
According to the President, the development will be supported by tax incentives for non-associated gas, midstream, and deepwater oil and gas.
Tinubu, represented by his Chief of Staff, Femi Gbajabiamila, also disclosed that a week ago, the Federal Government signed the consolidated guidelines on the implementation of tax incentives for the oil and gas sector.
He said, “The Executive Order streamlines contracting processes, procedures, and timelines from 36 months to six months. The order also seeks to ensure that local content requirements are implemented without impeding investments or the cost competitiveness of oil and gas projects.”
“All of these have the same objective – to reduce government interference with the commercial imperatives of businesses in the country so that businesses based here can be competitive and focus on their core objectives of economic growth through innovation and trade.
“We will need the support of the National Assembly to fully implement some of these reforms, as statutory changes will be required in some areas.
“I am confident that when the time comes, the governing partnership we have established between the Executive and the Legislature will ensure that these changes are effected swiftly to benefit our nation,” he added.
Tinubu praised the legislature for their unwavering cooperation with the executive in promoting policies aimed at improving the welfare of Nigerian people
He said “Your actions have substantially fortified the legal framework of the Students Tertiary Education Loan Program, ensuring its efficient implementation. These achievements are a testament to the power of our partnership and the positive impact it can have on our nation.
“The legislature must have the capacity to monitor the executive, and the executive, in turn, should be willing to comply with the legislative enactments.
“It is not just a coincidence but a strategic advantage for our country that the governing relationship between the Executive and the Legislature perfectly reflects this ideal.
“As you know, my administration is implementing significant policy changes to reform how we govern and position our country for progress and shared prosperity for all citizens.”
