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PIB Guarantees Oil Companies Lower Taxes, Others

PIB Guarantees Oil Companies Lower Taxes, Others

The Minister of State for Petroleum Resources, Timipre Sylva, has said that the growth of Nigeria’s oil industry has not been heavily impacted by the coronavirus pandemic, assuring that key priority projects that had been up for execution in 2020 have not been derailed. Sylva also said that the orchestrated Petroleum Industry Bill (PIB) will guarantee lower taxes to sustain stable investments in Nigeria’s oil sector.

Speaking while delivering a speech at the seventh joint International Energy Forum and International Gas Union (IEF-IGU) ministerial gas forum, the Minister said that the government is not unaware of serious concerns raised by oil companies over high taxes, especially on onshore and shallow water operations.

In his speech during the virtual event, the minister said, “We are not unmindful that the industry players are of the view that the current level of taxation on onshore and shallow water operations is excessive and therefore the proposed PIB should include a significant lowering of these taxes for new investments and for existing operations.

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Source: OrientEnergyReview

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