The Federal Government on Tuesday signed the consolidated guidelines for the implementation of fiscal incentives for the oil and gas sector.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who presided over the signing ceremony held at the ministry’s headquarters in Abuja, said the move which is part of the presidential directive, was aimed at enhancing the country’s oil & gas sector’s global competitiveness whilst stimulating economic growth.

Recall that President Bola Ahmed Tinubu in February signed the presidential directive to engender growth in the Nigerian oil and gas sector, which had stagnated for over the last decade.

Also speaking at the ceremony, the Special Adviser to the President on Energy, Mrs. Olu Verheijen, said that the guidelines were based on extensive collaboration across finance and petroleum ministries and involved several key regulatory bodies including the Federal Inland Revenue Service the Nigerian Upstream Petroleum Regulatory Commission, and the Nigerian Midstream and Downstream Petroleum Regulatory Authority.

“These new measures have been designed to deliver a competitive Internal Rate of Return (IRR) for Oil & Gas Projects and attract over $10 billion in new investments within the next 12-18 months.

“They also underscore Nigeria’s commitment to reaching its long-term oil production target of 4 million barrels per day whilst enhancing the reliability of gas supply for to boost export earnings and fuel Nigeria’s industrialization,” Verheijen stated.

She further disclosed that among the guidelines signed were the NUPRC Guideline on Hydrocarbon Liquids Content in a non-associated gas field which she essential for accurately categorising and quantifying the hydrocarbon liquid content in these fields.

Present at the ceremony were various stakeholders, including NNPC Limited, Oil Producers Trade Section  and the Independent Petroleum Producers Group.