Tax Law Commons^™

Who Is Afraid Of Nigeria's Petroleum Industry Bill?, Humphrey Onyeukwu

Humphrey Onyeukwu

The Petroleum Industry Bill (PIB) has drawn different emotions from the stakeholders since it came into the public domain. The PIB proposes fundamental reforms of the Nigeria’s oil industry and is anchored on five major goals namely creation of new regulatory institutions, transformation of upstream contractual agreements, new fiscal regime, downstream sector deregulation, government participation in the industry and transparency in contractual agreements.

However, the scepticism shrouding the provisions of the bill is not helped with the recent media reports that oil companies are threatening to sue the federal government over the Bill’s purported retroactive agenda. The disclosure by the …

The Incentives In The Fiscal Framework Of The Nigerian Mous With The International Oil Companies: Have The Objectives Been Achieved?, Humphrey Onyeukwu

Humphrey Onyeukwu

ABSTRACT: The Nigerian Government had entered into Memoranda of Understandings (MoUs) with the various major International Oil Companies (IOCs) in the 1990s providing incentives to the companies at a period when the Oil market was experiencing oil price recession. The MoUs, amongst other fiscal terms guaranteed the IOCs a minimum profit per barrel of oil produced and a lower tax rate from the standard tax rate prescribed under the Petroleum Profit Tax Act. However, the Nigerian Government has recently indicated its intent to terminate the MoUs and replace it with a standard tax plan. In the light of these recent …