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FG Unveils New Fiscal Incentives to Revitalize Nigeria’s Oil and Gas Sector

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In a significant move to rejuvenate Nigeria’s oil and gas industry, the Federal Government has introduced two major fiscal incentives aimed at boosting both the upstream and downstream sectors.

The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, announced the new measures on Wednesday.

Director of Information and Public Relations, Mohammed Manga in a statement indicated that the initiatives which include the Value Added Tax (VAT) Modification Order 2024 and the Notice of Tax Incentives for Deep Offshore Oil & Gas Production, were designed to attract investment, lower operational costs, and support energy transition efforts.

The statement explained that the VAT Modification Order 2024 exempts several critical energy products and infrastructure from VAT.

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“These include Diesel, Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG), Electric Vehicles, Liquefied Natural Gas (LNG) infrastructure, and Clean Cooking Equipment.

“The aim is to reduce energy costs, promote energy security, and encourage a shift toward cleaner energy solutions in Nigeria.

The statement indicated that the Notice of Tax Incentives for Deep Offshore Oil & Gas Production introduces new tax reliefs for deep offshore oil and gas projects.

“These incentives are expected to attract significant foreign investment to Nigeria’s deep offshore basin, positioning the country as a premier destination for global oil and gas exploration.

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According to the statement the reforms are part of the broader economic agenda driven by President Bola Ahmed Tinubu, under Policy Directives 40-42.

“They signal the administration’s commitment to fostering sustainable growth, improving energy security, and ensuring Nigeria remains competitive on the global oil and gas stage.

“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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Video: Sowore collapses after police tear-gassed Abuja protesters

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Human rights activist and former presidential candidate, Omoyele Sowore, has reportedly collapsed and was subsequently taken to a hospital following a confrontation with the Nigerian police during a Democracy Day protest.

Witnesses at the scene alleged that Sowore collapsed after police operatives moved to disperse protesters gathered to demonstrate against insecurity, economic hardship and what they described as poor governance, at the Phase 1 Bridge before Federal Secretariate.

The protest, which attracted scores of activists and civil society groups, was disrupted after security personnel deployed tear gas canisters in an apparent attempt to break up the gathering.

It was reported that chaos erupted as protesters scampered for safety amid clouds of tear gas. In the confusion, Sowore was reportedly affected by the tear gas and subsequently lost consciousness.

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Supporters and fellow activists immediately rushed to his aid and evacuated him from the protest ground. Sources close to the activist said he regained consciousness while being transported away from the scene in a vehicle.

Following the incident, Sowore has now been reportedly taken to an undisclosed hospital for further examination and treatment.

The incident heightened tensions at the Democracy Day protest, where demonstrators had gathered to express concerns over rising insecurity, economic challenges and governance issues in the country.

Watch video below:

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2027: We’re Focused On Taking Aso Rock – NDC Dismisses ‘Crisis’ Reports

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The Nigeria Democratic Congress, NDC, has said it is focused on taking over Aso Rock in 2027.

The party made the assertion in a statement posted on its verified X handle on Friday.

The statement insisted that there is no crisis in the party as widely reported.

This is coming after the national leader of the party, Seriake Dickson, on Friday held a closed-door meeting with the presidential candidate, Peter Obi.

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“There are no issues in the NDC.

We are focused on taking Aso Rock,” the statement said.

Speaking on the meeting with Obi, Dickson said they reviewed activities of party and discussed recent issues that have been a source of concern to all sides.

He said all the issues were amicably resolved.

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According to him, the party’s members would continue to consult and engage with one another to address and resolve all concerns and strengthen their unity.

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Uzodinma Releases N300 Million Support For South Africa Returnees, Imo Law Students

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Imo State Governor, Hope Uzodimma, has approved the release of ₦300m to support Imo indigenes studying at the Nigerian Law School and returnees from South Africa.

Under the arrangement, 250 Imo indigenes who returned from South Africa will receive ₦1m each to support their rehabilitation and reintegration into society.

Also, 100 Imo students at the Nigerian Law School will receive ₦500,000 each to help them cope with the rising cost of living.

The state Commissioner for Information, Public Orientation and Strategy, Declan Emelumba, disclosed this in a statement issued in Owerri, the state capital.

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Emelumba said the governor approved the intervention after considering the difficult circumstances faced by the beneficiaries.

According to him, the law students had appealed to the governor for support following the rising cost of living and other financial pressures affecting their studies.

“The law students made a passionate appeal to His Excellency to support them to cushion the global inflation as regards the cost of living. As a caring father, he responded promptly,” the commissioner said.

He added that the governor considered the request urgent and necessary because of the importance of supporting young Imo indigenes pursuing professional education.

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The commissioner said the support for the South Africa returnees was approved out of empathy for the affected indigenes.

He explained that the governor believed the returnees, who had gone through difficult experiences, needed immediate assistance to help them settle down again.

According to Emelumba, the ₦1m support for each of the 250 returnees was approved as a reintegration fund.

He said Uzodimma was convinced that the returnees needed a helping hand from the state government to enable them to rebuild their lives and reintegrate into society with minimal hardship.

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Emelumba said the gesture was in line with the shared prosperity agenda of the Uzodimma administration.

He noted that the governor remained committed to the welfare of Imo citizens, whether within or outside the state.

According to him, the administration’s focus is not limited to infrastructure but also includes social support for citizens facing hardship.

He said the governor had continued to demonstrate that every Imo citizen mattered under his administration’s development plan.

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Speaking further, the commissioner said this was not the first time Uzodimma would be supporting Imo students at the Nigerian Law School.

He said many of the students were already beneficiaries of the state government’s scholarship scheme.

“Most of them are on the scholarship list of the state government, and from time to time, the governor extends a helping hand to them,” Emelumba added.

He said the latest approval was another demonstration of the governor’s commitment to education, youth development and the welfare of Imo indigenes in difficult circumstances.

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