Library / Federal Republic of Nigeria Official Gazette No. 40 Lagos - 1st March, 2024
Federal Republic of Nigeria Official Gazette No. 40 Lagos - 1st March, 2024

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than to a person acquiring the plant and equipment for the same or related
business and purpose as the previous holder, or for scrap ;
(b)  any appropriation of the plant and equipment is made representing
the expenditure made by the company incurring the expenditure for a purpose
other than for gas utilization ; or
(c)  the incurring of the expenditure for the plant and equipment occurs
in a manner otherwise than as a bonafide business transaction or if the
same is an artificial or fictitious transaction.
8.—(1)  Where an asset in respect of which a gas utilization investment
allowance has been claimed is sold or transferred, it shall be the duty of the
purchaser or transferee to provide information as may be requested by the
Federal Inland Revenue Service, on the sale, transfer or any other dealing
with the asset.
(2)  A plant or equipment on which a gas utilization investment allowance
has been claimed shall not be eligible for another gas utilization investment
allowance by the acquiring entity or any subsequent purchaser.
9.—(1)  The value of any asset on which capital allowance is claimable
by a company under the Companies Income Tax Act, shall not be restricted or
reduced by the gas utilization investment allowance available to be claimed by
a company under this Order.
(2)  The applicable capital allowance under the Companies Income Tax
Act shall continue to apply to the company without prejudice to any other
allowable deductions, allowances and incentives available to the company
under the Companies Income Tax Act, and any other applicable legislation.
PART III — INCENTIVES FOR DEEP WATER OIL AND GAS PROJECTS
10.  The Minister shall introduce fiscal incentives to ensure that
investments for deep water oil and gas projects achieve a competitive Internal
Rate of Return (IRR).
11. Pending the introduction of the fiscal incentives, the Ministry of
Finance Incorporated and the Ministry of Petroleum Incorporated shall take
steps to procure NNPC Limited to consider and implement commercial enablers
for new brownfield and greenfield investments in the deep water.
Transfer of
asset in
respect of
which a gas
utilization
investment
allowance
has been
claimed
Non-
interference
with capital
allowance
Fiscal
incentives
for deep
water oil and
gas projects
Commercial
incentives
for deep
water oil
and gas
projects