Tinubu's Tax Order to Boost Nigeria's Oil Production
President Bola Tinubu's Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Executive Order, 2026, is projected to unlock approximately $50 billion in investments and increase Nigeria's crude oil and condensate production by nearly one million barrels per day within the next four to five years. Enorense Amadasu, the Executive Commissioner for Development and Production at the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), made this announcement during an interview on NTA.
The executive order aims to enhance the economic viability of deep offshore projects by offering tax incentives and a stable investment framework. Currently, Nigeria produces about 1.7 million barrels per day, with deep offshore fields contributing 24% of oil production.
Amadasu noted that nine projects have received approved Field Development Plans, with the $10 billion Bonga South project expected to commence in 2027. The anticipated production increase could significantly impact Nigeria's oil revenue outlook.
Plus234Feed summary based on reporting from Punch Newspapers. Read the original report below.
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