President Bola Ahmed Tinubu has signed the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, a presidential directive aimed at attracting fresh investment and accelerating development in Nigeria’s deep offshore oil and gas sector.
Tinubu disclosed this in a statement shared on his official X account on Tuesday, saying the new tax remission framework could help unlock up to $50 billion in investment in the country’s oil and gas industry.
According to the President, the investment drive would begin with the approximately $10 billion Bonga South West project, which is expected to be one of the major beneficiaries of the new incentive framework.
“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 explained that existing deep offshore leases would also have an opportunity to benefit from the incentive, provided they reach Final Investment Decision (FID) by December 31, 2029.
“For existing deep offshore leases, there is a clear window to reach Final Investment Decision by 31 December 2029 and receive the full standard incentive available under the Order,” he added.
The latest presidential order represents the 10th major policy directive of the Tinubu administration specifically targeting Nigeria’s oil and gas sector, reflecting the Federal Government’s continued push to attract capital, strengthen production and improve investment certainty in the industry.
The move also builds on earlier measures by the administration to reform the sector and improve the management of oil revenues. In March 2026, the Federal Government began implementing Executive Order 9 on the remittance of oil revenue to the Federation Account Allocation Committee (FAAC).
With the new tax remission framework, the Federal Government is seeking to create a more predictable investment environment for deep offshore projects while encouraging the development of major oil assets capable of generating long-term economic benefits for Nigeria.
