Nigeria: Executive order offers petroleum sector tax incentives

10 May, 2024

Nigeria’s Federal Inland Revenue Service (FIRS) has released two circulars on the implementation of “Executive Order No. 40 on Oil and Gas Companies (Tax Incentives, Exemption, Remission, etc.) Order 2024”.

This order introduces gas credits and allowances for non-associated gas (NAG) greenfield projects located in onshore and shallow water areas and a gas utilisation investment allowance for midstream operations.

Previously, the Executive Order No. 40 was approved by the Nigerian President on 28 February, 2024. On 28 February, 2024, the Nigerian government published the Oil and Gas Companies (Tax Incentives, Exemption, Remission, etc.) Order 2024 on their Official Gazette.

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