Tinubu Signs Deep Offshore Tax Remission Order, Targets $50bn Oil and Gas Investment
President Bola Ahmed Tinubu has signed the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, in a move aimed at attracting fresh investment into Nigeria’s deep offshore oil and gas sector.
Tinubu disclosed the development in a statement shared on his official X account on Thursday.
According to the President, effective implementation of the new order could help Nigeria unlock up to $50 billion in investment in the country’s oil and gas industry.
He said the investment drive would begin with the approximately $10 billion Bonga South West project, one of Nigeria’s major deep offshore developments. The Presidency’s move is part of broader efforts to provide investors with clearer and more predictable fiscal terms for large-scale offshore projects.
Tinubu said the new framework would create a clearer path for both new and existing deep offshore projects to progress towards investment decisions.
“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.
“The framework has the potential to unlock up to $50 billion in investment, beginning with the approximately $10 billion Bonga South West project.
“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 stated.
The development is expected to strengthen Nigeria’s efforts to revive major offshore oil projects that require significant capital investment and have faced delays under previous investment conditions.
Bonga South West has remained a major focus of the Federal Government’s drive to attract new capital into the deepwater oil industry. Earlier in 2026, the government approved targeted, investment-linked incentives for the project, with Shell and its partners indicating plans involving significant investment.
The latest tax remission order therefore represents another step in the administration’s broader attempt to improve regulatory certainty and make Nigeria’s oil and gas investment environment more competitive.
PulseNets learnt that the Federal Government has introduced several policy measures targeting petroleum revenue management, investment and regulatory reforms under the Tinubu administration.
One of the notable measures earlier this year was Executive Order 9 of 2026, which introduced changes to the management and remittance of petroleum revenues into the Federation Account. The Federal Government commenced implementation of the order in March, with the initiative aimed at strengthening revenue management and safeguarding petroleum earnings accruing to the federation.
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The implementation of Executive Order 9 also resulted in changes to the remittance of oil and gas revenues by relevant government agencies and operators.
With the new Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, the administration is now seeking to provide a more predictable fiscal framework for deep offshore investments while encouraging the development of projects capable of bringing billions of dollars in capital into Nigeria’s oil and gas sector.
