May 29, 2026
*And pains of subsidy removal linger
By Emeka Anaeto and Udeme Akpan
President Bola Ahmed Tinubu raised hopes when he aggressively overhauled Nigeria’s oil and gas sector through executive orders, fiscal incentives for deepwater and gas developments, and the removal of deduction powers previously exercised by NNPC Limited.
The reforms culminated in the streamlining of contracting cycles, attraction of billions of dollars in new investments, and enhanced direct oil revenue remittances as the Executive Orders mandated that all government petroleum entitlements — including royalties, tax oil, profit oil and profit gas — be remitted directly into the Federation Account.
