The Federal Government has introduced tax exemptions on key energy products and infrastructure as well as fiscal incentives for the upstream and downstream oil and gas sector.
Mohammed Manga, Director, Information and Public Relations in Federal Ministry of Finance in a statement on Wednesday said the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun unveiled two major fiscal incentives aimed at revitalizing Nigeria’s oil and gas sector.
According to him, “The VAT Modification Order 2024 introduces exemptions on a range of key energy products and infrastructure, including Diesel, Feed Gas, Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG), Electric Vehicles, Liquefied Natural Gas (LNG) infrastructure, and Clean Cooking Equipment.
These measures are designed to lower the cost of living, bolster energy security, and accelerate Nigeria’s transition to cleaner energy sources.
The notice of tax incentives for deep offshore oil and gas production provides new tax reliefs for deep offshore projects.
This initiative is aimed at positioning Nigeria’s deep offshore basin as a premier destination for global oil and gas investments.
These reforms are part of a broader series of investment-driven policy initiatives championed by His Excellency, President Bola Ahmed Tinubu, in line with Policy Directives 40-42.
They reflect the administration’s strong commitment to fostering sustainable growth in the energy sector and enhancing Nigeria’s global competitiveness in oil and gas production.
With these bold initiatives, Nigeria is firmly on track to reclaim its position as a leader in the global oil and gas market. These fiscal incentives demonstrate the administration’s unwavering commitment to fostering sustainable growth, enhancing energy security, and driving economic prosperity for all Nigerians.”
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