President Bola Ahmed Tinubu has signed the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026.
Tinubu disclosed this in a statement he shared on his official X account on Thursday.
According to him, the Order, when effectively implemented, would help Nigeria unlock $50 billion in investment in the country’s oil and gas sector.
He noted that the Order would be heralded by the country’s 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.
“The framework has the potential to unlock up to $50 billion in investment, beginning with the approximately $10 billion Bonga South West project.
“For existing deep offshore leases, there is a clear window to reach Final Investment Decision by 31 December 2029 and receive the full standard incentive available under the Order,” he stated.
DAILY POST reports that the latest presidential order marks the 10th major policy directive of Tinubu’s administration targeted specifically at the oil and gas sector.
Recall that in March this year, the Federal Government began implementing Executive Order 9 on the remittance of oil revenue to the Federation Account Allocation Committee.
Tinubu signs tax remission presidential order for Nigeria’s deep offshore oil projects