Senate passes bill for new authority for oil and gas free trade zone

Senate passes bill for new authority for oil and gas free trade zone

The Senate, Thursday, passed a bill seeking to establish a new Oil and Gas Export Free Zone Authority with the powers to grant tax holidays for operators in the country.
Senate chamber
The bill also comes with a provision that the appointment of the chairman of the board be based on federal character as provided for in the 1999 constitution.
Titled “Oil and Gas Export Free Zone Authority Act Cap 05, LFN 2011 (Amendment) Bill 2015,” the bill subjected the appointment of the chairman and members of the board to senate approval.

Presenting the report, Senator Odion Ugbesia, the chairman of the Joint Senate Committee on Trade and Establishment and Public Service, stated that what the tax holiday investors enjoy is the most attractive feature of a free trade zone, as it is seen as an incentive for investment. This, he said the bill has made provision for.
“The objectives of this new amendment are as follows: (a) socio-economic development of the immediate communities where the free zones and sub-zones are located; (b) contributing to the growth of the country’s gross domestic product; (c) domestication of business activities in the oil and gas sector and (d) employment generation or job creation.
“The tax holiday for the operators is in line with best global practices. Nigeria should be no exemption,” Ugbesia said.

Senate passes bill for new authority for oil and gas free trade zone

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