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FG Unveils New Fiscal Incentives to Revitalize Nigeria’s Oil and Gas Sector
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.
“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.
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.”
Taraba was agog last Saturday as Senator Haruna Manu hosts 21 serving Senators during his neice’s wedding fatiha in Jalingo.
Sumayyah Adamu Manu is his elder brother’s daughter who married Muhammad Lamba Sha’ibu
The ceremony took place at Senator Manu’s residence in Jalingo, marking a significant milestone for the family.
During the event, H.E Sen. Aminu Tambuwal served as the representative (Wakili) for the bride, while former Senate President Sen. Ahmed Lawal acted as the representative (Wakili) for the groom Muhammad Lamba Sha’ibu
The ceremony was filled with heartfelt prayers as Senator Manu invoked blessings from the Almighty Allah for the couple, wishing them a prosperous and harmonious union.
The wedding was graced by the presence of various dignitaries, including twenty one (21) senators Senators across the country, Honourable Member House of Representatives, Traditional rulers among others, who joined in celebrating this momentous occasion.
Senator Manu expresses gratitude to all who attended and contributed to making the day memorable.
May the union of Sumayyah Adamu Manu and her groom Muhammad Lamba be blessed with love, joy, and success.
By Kayode Sanni-Arewa
About 400,000 corps members are set to benefit from a new federal government scheme called YouthCred.
The initiative, a partnership between CreditCorp Nigeria and the NYSC, aims to provide affordable consumer credit to serving corps members.
According to Dada Olusegun, Special Assistant to President Tinubu on Social Media, the scheme is designed to promote a culture of good credit among young Nigerians.
He noted that the beneficiaries can access loans ranging from N100,000 to N150,000 to sort out urgent needs like clothing, mattresses, phones, and basic furniture.
Dada added that the loan will be repayable during the service year at a single-digit interest rate, making it accessible and manageable for corps members.
According to him, Before loan approval, applicants will be educated on credit scores and responsible borrowing to build financial literacy.
He states that President Tinubu’s administration hopes the program will reshape attitudes towards credit before corps members enter the workforce.
The SA also confirmed that the federal government has already set aside N6 billion for the rollout of the YouthCred scheme.
He said the implementation will start with financial institutions already working with NYSC, and full rollout is expected within the next 12 months.
The statement reads, “As part of efforts to promote good credit culture among young Nigerians starting with corp members, @CrediCorpNG in collaboration with NYSC will be launching a new scheme called “YouthCred”.
“YouthCred is an initiative that will offer affordable consumer credit to corps members.
“Corp members in need of quick cash to sort urgent bills like clothing, mattresses, mobile phones, basic furniture etc that will help them settle down in the new PPAs, will be able to access up to credit facilities of N100,000-150,000 and repay same over the course of their youth service at a single digit interest rate.
“The essence of a good credit score and how it works will be taught to interested corp members before final approvals are granted.
“This is part of President Tinubu’s administration’s efforts to instill values among the young populace and change the narrative about credit even before entering the workforce.
“An initial N6bn has been reserved for this purpose with the launch expected anytime soon.
“Rollout of YouthCred will begin with partner financial institutions that already work with NYSC and related agencies.
“The initiative will target 400,000 corp members over the next 12 months.”
By Kayode Sanni-Arewa
Kano State Police Command agents have detained 18-year-old Saudat Jibril on suspicion of killing her husband, 30-year-old Salisu Idris, in the state’s Farawa community just nine days after their wedding.
According to a statement from SP Abdullahi Kiyawa, the State Police Command spokesperson, the suspect “allegedly cut off her husband’s throat, with a sharp knife.”
He said, “The victim was rushed to Aminu Kano Teaching Hospital, where he was confirmed dead by medical personnel. The suspect has been apprehended and is currently in custody at the Command’s Criminal Investigation Department (CID), Homicide Section, and will be charged to court for the offence of culpable homicide.”
March 28, 2025
Community members claimed that Saudat may have poisoned her husband before stabbing him during an altercation, while the exact circumstances of the death are still unknown.
According to reports, Saudat and Idris’ marriage, which was consummated on Sunday, April 27, 2025, ended on Tuesday, May 6.
The marriage was planned by relatives of the couple and lacked mutual affection between both parties. It was said that the dead had voiced concerns regarding the union. Family members, however, convinced him to go ahead with the marriage.
The public was reassured by the Command that it will carry out exhaustive investigations to guarantee that justice is done.
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