BREAKING: President Tinubu Signs Executive Orders on Oil, Gas Reforms, Gives Reason
- President Bola Tinubu has moved to position Nigeria as the preferred investment destination for the oil and gas sector in Africa
- This is as the Nigerian leader has signed the oil and gas reforms, issuing policy directives to improve the investment climate of the country
- The special adviser to the president on media & publicity, Ajuri Ngelale, confirmed the development via a statement on Wednesday
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Legit.ng journalist Esther Odili has over two years of experience covering political parties and movements.
On Wednesday, March 6, President Bola Ahmed Tinubu approved three new directives in the oil and gas sector.
Source: Facebook
Reason for oil and gas reforms
This introduces fiscal incentives for related projects, reduces contracting costs and timelines, and promotes cost efficiency in local content requirements. It further said that in recognition of the urgency to accelerate investments, President Tinubu directed the introduction of fiscal incentives for non-associated gas, midstream and deepwater developments.
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The special adviser on media and publicity, Ajuri Ngelale, confirmed the development on Wednesday, via a statement shared on the X account of the @NGRPresident.
This followed “extensive engagements, analyses, and benchmarking with other jurisdictions.”
Part of the statement reads:
“Tinubu approved introducing fiscal incentives for non-associated gas, midstream and deepwater developments. Streamlining of contracting process to compress the contracting cycle to six months.
“The application of the local content requirements without hindering investments or the cost competitiveness.”
"Wednesday’s directive is in keeping with his efforts to remove obstacles to investments in Nigeria, harness the nation’s resources and diversify the economy for the benefit of Nigerians," the Presidency added.
Tinubu appoints new FGN power company team
In another development, Legit.ng on Friday, March 1, reported that President Tinubu approved the appointment of new members of the management team of the FGN Power Company Limited.
The Special Adviser to the President on Media and Publicity, Chief Ajuri Ngelale, made this known in a statement posted on X (formerly known as Twitter) by Olusegun Dada, the Special Assistant to President Tinubu on Social Media.
Ngelale said the decision was taken as part of comprehensive efforts to reform the power sector and ensure energy security for all Nigerians.
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Source: Legit.ng
