Nigeria’s President Bola Tinubu has signed an Executive Order aimed at slashing oil and gas projects’ costs, improving government revenue, and accelerating investment inflow into Nigeria’s energy sector.
In a statement issued on Thursday by the Office of the Special Adviser to the President on Energy, the Federal Government said the directive introduces far-reaching fiscal reforms that priorities cost-efficiency, operational accountability, and national value retention.
Nigeria’s New Presidential Directive on Cost Efficiency Targets New Investments, Improved Revenues and National Value,” the order sets a bold agenda for reining in production expenses while offering globally competitive terms to serious investors.
According to the statement, one of the key provisions of the Executive Order is a cap on tax credits, limiting them to no more than 20 per cent of a company’s annual tax liability.
TINUBU SIGNS ORDER TO SLASH OIL PROJECT COSTS
