Equally important for our political leaders is the advice from Gary Vaynerchuk, who said, “Don’t take constructive criticism from people who haven’t constructed.” Vaynerchuk, a well-known entrepreneur, author, and motivational speaker, stresses the need to evaluate the credibility of the source when receiving feedback.
In Nigeria, where football spectators often act as though they know more than the coaches, our political leaders would do well to heed the advice of experts like Taiwo Oyedele, the President’s adviser on tax reforms, and Olu Verheinjen, the adviser on petroleum energy, rather than listen to the detractors engaging in nihilistic politics.
For instance, consider the recent announcement of new tax incentives under Executive Orders 40-42 by President Bola Ahmed Tinubu. These incentives, the product of work led by Oyedele and Verheinjen— both recruited from the private sector—are aimed at pulling Nigeria out of its economic and political challenges. Should we ignore such policies with the potential to uplift our country, just to appear socially acceptable by lamenting the state of the nation rather than celebrating its progress?
These newly unveiled fiscal incentives hailed as groundbreaking, include the Value Added Tax (VAT) Modification Order 2024 and the Notice of Tax Incentives for Deep Offshore Oil and Gas Production, in line with the Oil and Gas Companies (Tax Incentives, Exemption, Remission, etc.) Order 2024. The VAT Modification Order introduces exemptions for key energy products and infrastructure, such as diesel, feed gas, Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG), electric vehicles, Liquefied Natural Gas (LNG) infrastructure, and clean cooking equipment.
This is in addition to the tax reliefs already provided to Medium and Small-Scale Enterprises (MSMEs) to boost liquidity and stimulate economic activities. If implemented effectively, these measures will reduce living costs, enhance energy security, and accelerate Nigeria’s shift to cleaner energy. With transportation costs playing a huge role in the average Nigerian’s life and the rising cost of living intensifying hardships, these tax breaks should provide much-needed relief.
Moreover, the Notice of Tax Incentives for Deep Offshore Oil & Gas Production is set to offer tax relief for deep offshore projects. This initiative seeks to position Nigeria’s deep offshore sector as a prime destination for global oil and gas investments. Some analysts even project that this could push Nigeria’s oil production to 4 million barrels per day, more than double the current capacity of 1.6 to 1.7 million barrels per day.
Isn’t this the reason why ExxonMobil recently pledged, during a meeting in the U.S. with President Tinubu’s Special Adviser on Petroleum Energy, Olu Verheinjen, to invest $10 billion in offshore exploration infrastructure? Shouldn’t we be highlighting this positive development to inspire hope, rather than perpetuating the pessimism that keeps many Nigerians in a state of despair?
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Based on feedback from the presidency sources, these reforms are part of a broader agenda of investment-led policies championed by President Tinubu, underscoring the administration’s commitment to sustainable growth, energy security, and overall economic prosperity for Nigerians.
Similarly, under the leadership of Dele Alake, formerly a prominent figure in the media, the Ministry of Solid Minerals is working to transform Nigeria’s solid minerals sector into a key contributor to the economy through foreign exchange. In the past, the country’s mineral wealth was exploited haphazardly, but with proper management, these assets are poised to start yielding significant economic benefits, much like Nigeria’s oil and gas resources.
As the two-year mark of the four-year tenure of the incumbent administration approaches—the timeline some Nigerians have set for President Tinubu to start delivering on his Renewed Hope Agenda—there are signs of progress. For the many Nigerians who have struggled under the weight of the administration’s radical reforms, there are indications that things may be improving.
Looking ahead, it is expected that by the end of this year, inflation —which is already on a downward trend—will decline further. Likewise, the naira, which remains weak against foreign currencies, should strengthen as the nation’s economic fundamentals improve.
Undoubtedly, Nigerians are eager to breathe a sigh of relief—and rightfully so.
• Magnus Onyibe, an entrepreneur, public policy analyst, author, democracy advocate, development strategist, alumnus of the Fletcher School of Law and Diplomacy, Tufts University, Massachusetts, USA, and a former Commissioner in the Delta State government, sent this piece from Lagos, Nigeria.
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