Determined to arrest the spate of divestments in the nation’s oil and gas sector, the Federal Government has announced a new fiscal regime with a wide range of tax exemptions in the industry.

The Minister of Finance and Coordinating Minister of the Economy, Mr. WALE EDUN, stated this in statement issued by his Director, Information and Public Relations, Mr. MOHAMMED MANGA, stressing that the fiscal incentives were aimed at revitalizing Nigeria’s oil and gas sector.

The tax exemptions were contained in: Value Added Tax (VAT) Modification Order 2024; as well as Notice of Tax Incentives for Deep Offshore Oil & Gas Production, by the Oil & Gas Companies.

He added that the measures were designed to lower the cost of living, bolster energy security, and accelerates Nigeria’s transition to cleaner energy sources, noting that the reforms were part of a broader series of investment-driven policy initiatives of President BOLA TINUBU, in line with Policy Directives 40-42.