Nigerian government launches fiscal incentives for oil & gas sector, including VAT exemptions and tax relief for offshore projects.

The Nigerian government has launched new fiscal incentives to revitalize its oil and gas sector. Key measures include the 2024 VAT Modification Order, which exempts diesel, LPG, CNG, and LNG infrastructure, and the Notice of Tax Incentives for Deep Offshore Oil & Gas Production, offering tax relief for offshore projects. These initiatives aim to lower living costs, enhance energy security, and promote cleaner energy, aligning with President Bola Tinubu's strategy for sustainable economic growth.

October 02, 2024
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