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Lastest News Nigeria, Politics, Business, Sport, Interview
President Bola Ahmed Tinubu has signed the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, in a move the Federal Government says could attract up to $50 billion in new investment to Nigeria’s oil and gas sector.
Tinubu announced the decision in a statement shared on his official X account on Thursday.
The president said the new order would provide clear and predictable terms for investors in deep offshore projects. He said the policy would help Nigeria compete for major oil and gas investments.
According to Tinubu, investment under the new framework will begin with the estimated $10 billion Bonga South West project.
“I have therefore signed the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, to provide clear and predictable terms for a new generation of deep offshore investment in Nigeria,” he said.
He added that the framework could unlock as much as $50 billion in investment, starting with the Bonga South West project.
The president also outlined a deadline for existing deep offshore leases.
He said companies holding those leases would have until 31 December 2029 to reach Final Investment Decision and qualify for the full standard incentive provided under the order.
The policy comes as the Federal Government seeks to attract fresh capital into the oil and gas industry and increase production.
However, the success of the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026 will depend on how quickly investors respond to the incentives and how effectively the government implements the framework.
The development also follows the Federal Government’s move in March to begin implementing Executive Order 9 on the remittance of oil revenue to the Federation Account Allocation Committee.
