FG introduces new fiscal incentives to boost Nigeria’s Oil & Gas Sector

The Minister of Finance and Coordinating Minister of the Economy Mr. Wale Edun has unveiled two major fiscal incentives aimed at revitalizing Nigeria’s oil and gas sector: •Value Added Tax (VAT) Modification Order 2024 •Notice of Tax Incentives for Deep Offshore Oil & Gas Production, in accordance with the Oil & Gas Companies (Tax Incentives, Exemption, Remission, etc.) Order 2024. The VAT Modification Order 2024 introduces exemptions on a range of key energy products and infrastructure, including Diesel, Feed Gas, Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG), Electric Vehicles, Liquefied Natural Gas (LNG) infrastructure, and Clean Cooking Equipment. These measures are designed to lower the cost of living, bolster energy security, and accelerate Nigeria’s transition to cleaner energy sources. In addition, the Notice of Tax Incentives for Deep Offshore Oil & Gas Production provides new tax reliefs for deep offshore projects. This initiative is aimed at positioning Nigeria’s deep offshore basin as a premier destination for global oil and gas investments. These reforms are part of a broader series of investment-driven policy initiatives championed by His Excellency, President Bola Ahmed Tinubu, in line with Policy Directives 40-42. They reflect the administration’s strong commitment to fostering sustainable growth in the energy sector and enhancing Nigeria’s global competitiveness in oil and gas production.

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Nigeria @64: Pyrates Confraternity tasks FG to tackle Nation’s challenges

The National Association of Seadogs aka Pyrates Confraternity has tasked on the Federal Government to implement economic measures to alleviate suffering of the Nigerian masses.  The Pyrates Confraternity made the clarion call in a statement signed by its Capoon, Dr Joseph Oteri, on Monday.  The statement reads; “As we mark the 64th Independence Day of our beloved country, the National Association of Seadogs, Pyrates Confraternity, stands in unity with all citizens in acknowledging our journey. “However, we must also address the urgent challenges that continue to undermine our progress and the well-being of millions of Nigerians. The Pyrates Confraternity calls on the Federal Government to immediately implement economic measures to alleviate the suffering of the Nigerian masses, especially the growing hunger. “The rising poverty and worsening economic conditions, if not addressed, threaten to spiral into widespread social unrest. Nigerians are becoming increasingly indifferent to Independence Day celebrations, as promises of progress have often gone unmet, leaving disillusionment in their wake. Poverty remains rampant, with over 133 million Nigerians—more than 60% of the population—living without access to basic necessities such as healthcare, education, and housing. “This economic crisis highlights the failure of policies to provide safety nets for the most vulnerable. The inflation rate has skyrocketed, with food inflation reaching an unprecedented 40.9% in June 2024.  “This is further compounded by rising transportation costs and the effects of insecurity and climate change on food production. “Insecurity is also a major concern. Farmers are unable to access their farms due to attacks from bandits and herdsmen, causing a food crisis and linking rising food prices directly to the security situation. “We must ensure that our security agencies step up efforts to protect lives and properties so that agricultural productivity can thrive.  “Corruption remains a stubborn obstacle to progress, with Nigeria ranking 145th out of 180 countries on Transparency International’s Corruption Perception Index. We call for the strengthening of anti-corruption agencies and the enforcement of accountability across all sectors of government. Corruption continues to erode the rule of law, weakening institutions and eroding public trust in the government. “Education is another critical sector in need of attention. Over 10 million children are out of school, a situation that has dire consequences for the future of our nation. We call on the government to allocate adequate resources to education, ensuring that every Nigerian child has access to quality schooling. “In conclusion, as we celebrate our 64th Independence Day, we must reflect on the future of Nigeria. The solution to our challenges lies in unity, the decentralization of governance, and genuine leadership that prioritizes the welfare of the people. “Together, let us work towards a Nigeria that is prosperous, secure, and equitable for all.”

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Shettima returns to Nigeria after UNGA in New York

Vice President Kashim Shettima on Sunday returned to Abuja after successfully representing President Bola Ahmed Tinubu at the just concluded 79th Session of the United Nations General Assembly in New York, USA. The Vice President, who represented President Bola Ahmed Tinubu, GCFR, had presented Nigeria’s National Statement at the General Debate, as well as engaged in several bilateral meetings and numerous sideline events at the General Assembly. He will proceed to join President Bola Ahmed Tinubu to mark some events put together as part of activities commemorating Nigeria’s 64th Independence anniversary.

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FG declares Tuesday 1st October Public Holiday 

The Federal Government has declared Tuesday, 1st of October 2024, as a public holiday to commemorate the Nation’s 64th Independence Day Anniversary. The Minister of Interior, Dr. Olubunmi Tunji-Ojo, who made the declaration on behalf of the Federal Government, congratulated Nigerians at home and abroad on this occasion . Dr. Tunji-Ojo praised the patient and hardworking Nigerian men and women, stating that their sacrifices will not be in vain.  Aligning himself with the theme for the Anniversary, the Minister reiterated the need for Nigerians to reflect on the labour of our heroes past and be inspired for the tasks ahead, realizing that a Nigeria of our dream can only be built when we unite. While wishing Nigerians a Happy Independence Day Anniversary, Dr. Tunji-Ojo urged the citizens to continue to be steadfast in nation-building.

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Nigerians stranded in Marrakesh, FG frowns at Air Maroc 

The Minister of Aviation and Aerospace Development Mr. Festus Keyamo (SAN) has frowned the treatment melted to Nigerian passengers by the Authorities of Air Maroc in Marrakesh.  In a post on his X handle, the Minister claimed the passengers whom are mostly Nigerians are being subjected to sleep on the floor at the airport.  His words; “I have just been informed of the inhuman treatment some Nigerians have been subjected to by ROYAL AIR MAROC @RAM_Maroc in Marrakesh, Morocco.  “My information is that the flight took off from Casablanca and was headed for Abuja, but had to make an emergency landing in Marrakesh for some technical reason(s).  “However, the passengers, majority of whom are Nigerians, have been left without care at the terminal and without food and decent shelter, with women and children sleeping on the floor! Whilst I call on ROYAL AIR MAROC @RAM_Maroc to immediately remedy this situation. “I have directed the Consumer Protection Department of the NCAA to immediately engage ROYAL AIR MAROC NIGERIA @royalairmarocng to bring immediate relief to these Nigerians.” Air Maroc are yet to make official statement on the development as at press time. 

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