The Fiscal Regime Governing Petroleum Profit Taxation in Nigeria

20 Pages Posted: 16 Dec 2015

Date Written: September 14, 2015

Abstract

Nigeria as a single commodity dependent economy has over the years relied principally on the proceeds from oil exploitation. Over 90% of the foreign exchange earnings is from this commodity. We have in this paper examined the critical role that an appropriate tax policy can play in the effective management of this all important, non-renewable and finite endowment of nature. An extensive profile of the oil industry with substantial emphasis on petroleum operation, was examined, while the various types of fiscal arrangements were catalogued as basis for an objective evaluation of the various legislative and contractual arrangements that regulate the fiscal aspects on the Nigerian Petroleum Industry. It was apparent that a critical examination of the principal enactments regulating tax payable by companies engaged in petroleum operation should be reviewed.

Keywords: Petroluem Profit Taxation, Tax, Policy, Nigeria, Fiscal Regime, Industry

Suggested Citation

Adeyemi, Babatunde Ajani, The Fiscal Regime Governing Petroleum Profit Taxation in Nigeria (September 14, 2015). Available at SSRN: https://ssrn.com/abstract=2703616 or http://dx.doi.org/10.2139/ssrn.2703616

Babatunde Ajani Adeyemi (Contact Author)

Babcock University ( email )

School of Law & Security Studies
Iperu Campus
Ilishan-Remo, Ogun State +234
Nigeria
+2348033160689 (Phone)

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