President Bola Ahmed Tinubu has signed the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, a move aimed at attracting up to $50 billion in new investment into Nigeria’s oil and gas sector.
Tinubu disclosed this in a statement posted on his official X account on Thursday.
According to the President, the new order is designed to provide clear and predictable fiscal terms for a new generation of deep offshore oil and gas projects in Nigeria.
He said the investment drive would begin with the approximately $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,” Tinubu stated.
He added that existing deep offshore leases would have a window to reach Final Investment Decision (FID) by December 31, 2029, and qualify for the full standard incentive provided under the order.
The President said the policy was part of ongoing efforts by his administration to strengthen Nigeria’s oil and gas sector, attract long-term capital and unlock the country’s deep offshore potential.
The latest directive comes amid a series of policy measures by the Federal Government targeted at revitalising the oil and gas industry.
In March 2026, the Federal Government also commenced the implementation of Executive Order 9 on the remittance of oil revenues to the Federation Account Allocation Committee (FAAC).
Comments