The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, NNPCL, Bayo Ojulari, has explained why President Bola Ahmed Tinubu signed the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order 2026.
In a statement through the NNPCL spokesperson, Andy Odey, on Thursday, Ojulari said the move would send a strong signal to global investors that Nigeria was committed to providing a stable and competitive environment for deep offshore developments.
According to him, the presidential order would provide fiscal certainty for deep offshore investments in the country.
He noted that the ninth presidential order of Tinubu’s administration aligned with the state-owned company’s mandate to protect the production base and strengthened Nigeria’s pathway towards achieving its ambition of producing three million barrels of oil per day (MMbopd) by 2030.
“This is a transformative reform that sends a strong signal to global investors that Nigeria is committed to providing a stable, competitive and investment-friendly environment for deep offshore development.
“Fiscal certainty is a critical driver of investment decisions, and this framework provides the additional clarity the industry has long sought,” he said.
DAILY POST reports that Tinubu recently signed the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order to unlock $50 million in new investment potentials.
Why Tinubu signed deep offshore incentives order – NNPCL boss, Ojulari