President Bola Tinubu has announced the signing of an Executive Order aimed at attracting up to $10 billion in fresh investments to Nigeria’s oil and gas sector. This announcement was made during the opening of a two-day retreat on economic transformation and development organized by the House of Representatives.
Speaking through his Chief of Staff, Femi Gbajabiamila, Tinubu revealed that the Executive Order seeks to provide fiscal incentives for non-associated gas, midstream, and deepwater oil and gas projects. He highlighted the importance of streamlining contracting processes and timelines to expedite investment, reducing them from 36 months to just six months.
Tinubu emphasized the administration’s commitment to fostering innovation, productivity, and inclusivity in workplaces across the nation. He acknowledged the vital role of the National Assembly in implementing key reforms, expressing confidence in their support to swiftly effect necessary changes for national development.
Acknowledging the challenges posed by recent policy changes, Tinubu thanked the legislature for its support and understanding, affirming his administration’s determination to overcome any obstacles with continued collaboration.
In response, Speaker of the House of Representatives, Abbas Tajudeen, reiterated the chamber’s commitment to addressing the economic challenges facing the nation. He stressed the importance of progressive tax policies and efficient tax systems to boost revenue and promote economic growth and equity.
The retreat aims to facilitate stakeholder engagement, constructive dialogue, and legislative strategies to contribute to Nigeria’s economic transformation. Lawmakers will also review the implementation of the Petroleum Industry Act (2021) and explore avenues for tax reform to enhance revenue generation and economic stability.
Deputy Speaker, Benjamin Kalu, highlighted the inefficiencies in Nigeria’s tax system, calling for collective efforts to improve tax collection rates and ensure the successful implementation of the Petroleum Industry Act.
Executive Chairman of the Federal Inland Revenue Service, Zack Adedeji, emphasized the need for shared commitment to implementing tax reforms, while Minister of the Federal Capital Territory, Nyesom Wike, commended the House leadership for organizing the retreat, recognizing their role in shaping policies for economic growth and development.
