The Special Adviser to President Bola Ahmed Tinubu on Energy, Mrs Olu Verheijen, is currently addressing a press conference to discuss the Executive Orders signed by President Bola Ahmed Tinubu.
This is inline with the Federal Government executive orders signed by President Tinubu on OIL AND GAS REFORMS few days ago as 9News Nigeria reports.
Recall that in keeping with Tinubu’s dedicated efforts to remove obstacles to investments in Nigeria, harness the nation’s resources and diversify the economy for the benefit of all Nigerians, the Federal Government has executed Policy Directives to improve the investment climate and position Nigeria as the preferred investment destination for the oil and gas sector in Africa as gathered by 9News Nigeria.
Following extensive engagements, analyses, and benchmarking with other jurisdictions, the President has initiated the amendment of primary legislation to introduce fiscal incentives for oil & gas projects, reduce contracting costs and timelines, and promote cost efficiency in local content requirements. Recognizing the urgency to accelerate investments, the President has directed as follows:
(1) Introduction of fiscal incentives for non-associated gas, midstream and deepwater developments.
(2) Streamlining of contracting process to compress the contracting cycle to six months.
(3) The application of the local content requirements without hindering investments or the cost competitiveness.
The details of these Policy Directives will be gazetted and communicated by the Federal Ministry of Information and National Orientation.
These incentives were developed in collaboration with the Federal Ministry of Justice, Federal Ministry of Finance, Federal Ministry of Petroleum, Federal Ministry of Budget and Economic Planning, Federal Inland Revenue Service, the Nigerian National Petroleum Company Limited, the Nigerian Upstream Petroleum Regulatory Commission, the Nigerian Midstream and Downstream Petroleum Regulatory Commission, and the Nigerian Content Development and Monitoring Board.
The SA to the President on Energy has been directed to continue coordinating the aforementioned stakeholders to ensure the implementation of these directives within a stipulated timeframe as contained in a release signed by Chief Ajuri Ngelale, Special Adviser to the President on Media and Publicity and made available to 9News Nigeria correspondent.
The press conference is ongoing at the time of filling this report by 9News Nigeria to keep our esteemed readers abreast with developing events across the Federation.
-Princely Onyenwe reporting
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