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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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Just in: Gov Soludo reveals those behind kidnapping in SE, says it’s now a lucrative biz

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… better than oil and drug peddling

Governor Charles Soludo of Anambra State on Saturday disclosed that arrested Finland-based self-acclaimed Biafra agitator, Simon Ekpa “has continued kidnapping for ransom.

Soludo said kidnapping is currently a business that is more lucrative than drugs and oil.

The governor who spoke in Awka, the state capital, said before he became governor, eight local government areas in the state were being controlled by gunmen.

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Soludo also recalled how his father was kidnapped in 2009.

 

He said: “Kidnapping is not new, my father had been kidnapped as far back as 2009. GU Okeke, Pokobros and many others have fallen victim too.

 

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“Before I assumed office, about eight local government areas were being controlled by gunmen.

“They killed policemen and collected guns, attacked and burnt down police stations and went into the bush to label themselves liberators.

We came in and went to work and cleared them and we recovered the eight local government areas that were under siege. These gangs claim to be Biafra freedom fighters. IPOB has dissociated themselves from it, but one Simon Ekpa has continued kidnapping for ransom.

 

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“Kidnapping for ransom is now the most lucrative enterprise, even more lucrative than drugs and oil. For every one naira reported as payment for ransom, five to six naira was not reported.

 

“With a culture that celebrates wealth without craft, even the kidnappers amongst us are now celebrated. Idolatry which these criminals have converted to have become the fastest growing religion in the South-East. Nothing is sacred to them anymore.”

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Just in: Obi angry over exorbitant charges by POS operators despite hardship

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Ex-governor of Anambra State and presidential candidate of the Labour Party, LP, in the 2023 general election, Mr Peter Obi has protested the level of hardship faced by the poor in Nigeria.

The former governor spoke during a visit to the Archbishop Province on the Niger and Bishop of Awka Diocese of Church of Nigeria Anglican Communion, His Grace Alexander Ibezim.

He said: “The hardship in Nigeria is too much, how can the ordinary people survive. The woman who sells pepper by the road side has to pay huge charges to get her own money. How much is her profit margin and how much will remain after paying charges?

“No country is run like that. Don’t bother to interview me on that, I will write officially to the President on this and state all these things.

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“These (POS Charges) is too much, no country is run like this,” Obi told journalists who approached him to speak on the matter.

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Oborevwori expresses sadness over Edna Ibru’s passage

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Delta State Governor, Hon. Sheriff Oborevwori, has commiserated with the Ibru family of Agbarha-Otor in Ughelli North Local Government Area of the State on the death of their wife and mother, Mrs. Edna Ibru.

Mrs Ibru, who reportedly died after a brief illness, was the wife of late Olorogun Senator Felix Ovuodoroye Ibru, first Executive Governor of Delta State.

A former Miss Nigeria, Mrs Ibru in 1964, died in London after a brief illness on Wednesday.

In a statement by the Chief Press Secretary to the Governor, Sir Festus Ahon, the governor described the demise of Mrs Ibru as sad and painful, adding that she was a loving wife and mother who supported her husband and family in all his noble endeavours.

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He said, “On behalf of the government and people of Delta, I mourn the passing of a great woman of substance, a caring mother and loving wife, Mrs Edna Ibru.

“The news of her death came to me as a shock, especially now that the family members needed her motherly and wise counsel.

“She was a woman of faith who devoted her time in supporting her husband’s political career which culminated in his election as the first Executive Governor of Delta State.”

Oborevwori prayed to God to accept the soul of the deceased and grant fortitude to the family and friends she left to bear the loss.

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