The Federal Government of Nigeria has announced a series of financial incentives and concessions aimed at strengthening the operations of the upstream and downstream sectors of the country’s economy.
The Minister of Finance and Coordinating Minister for Economic Affairs, Wale Edun, who announced two major financial incentives on Wednesday, said these are part of overall measures to boost Nigeria’s oil and gas sector. Ta.
Fiscal incentives include notification of tax incentives for deep sea oil and gas production under the Value Added Tax (VAT) Amendment Order 2024 and the Oil and Gas Companies Order 2024 (Tax Benefits, Exemptions, Exemptions, etc.) Included.
In a statement issued by Mohammed Manga, Director of Information and Public Relations at the Federal Ministry of Finance, the VAT Amendment Order 2024 provides exemptions for a range of key energy products and infrastructure, including diesel, feed gas and liquefied petroleum gas (LPG). It was explained that it had been implemented. ), compressed natural gas (CNG), electric vehicles, liquefied natural gas (LNG) infrastructure, and clean cooking equipment.
“These measures are aimed at reducing the cost of living, strengthening energy security and accelerating Nigeria’s transition to cleaner energy sources.
“Furthermore, the Notification on Tax Incentives for Deep Offshore Oil and Gas Production provides new tax relief for deep offshore projects.
“This initiative aims to position Nigeria’s deepwater basin as a major global oil and gas investment destination.
“These reforms are part of a broader set of investment-led policy initiatives supported by His Excellency President Bola Ahmed Tinubu, in line with Policy Directives 40-42.
“These reflect the administration’s strong commitment to fostering sustainable growth in the energy sector and strengthening Nigeria’s global competitiveness in oil and gas production,” the statement said.
“With these bold initiatives, Nigeria is firmly on track to regain its position as a leader in the global oil and gas market,” the report said, stressing that “these financial incentives are “This demonstrates the administration’s unwavering commitment to fostering economic growth and strengthening energy security.” and promote economic prosperity for all Nigerians. ”
Ndubuisi Francis
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