The April 2024 edition of PwC's Tax recap series is live!
In this episode, Kenneth Erikume, Partner and Lead Tax Reporting and Strategy and Ochuwa Alegeh share insights on 3 recent Executive Orders issued by the Nigerian government. These Executive Orders are:
- Oil and Gas Companies (Tax Incentives, Exemption, Remission, Etc) Order, 2024
- Presidential Directive on Local Content Compliance Requirements, 2024
- Presidential Directive on Reduction of Petroleum Sector Contracting Costs and Timelines, 2024
The release of these Orders follow the circular on Fiscal Incentives for the Presidential Gas Growth Initiative recently issued by the Ministry of Finance. It also addresses some of the concerns of the stakeholders in the Petroleum sector regarding ease of doing business. However, achieving the objectives of the directives will depend on the government’s policy consistency, and collaboration and alignment of the Executive (including the Ministries Departments and Agencies) and the Legislature on the relevant tax and fiscal policy issues.