Nigeria signs oil and gas reform law

On August 16, Nigeria's President Muhammadu Bukhari signed a bill to significantly reform the country's oil and gas sector, Angi reports.

The law provides for amendments to a dozen existing norms and is aimed at increasing state budget revenues from oil and gas production in the country, as well as creating additional opportunities for local and foreign investors.

The law signed by the president, among other things, seriously changes the system of taxation of oil and gas companies operating in fields in Nigeria and its waters. In particular, a new tax is being introduced - on oil and gas production - in addition to the existing income and education taxes paid by mining companies.

Separately, the law stipulates that 3% of companies' income from activities in Nigeria will go to the communities in whose territory the mining is carried out. In addition, the law provides for the corporatisation of the country's largest state-owned oil and gas company, the Nigerian National Oil Company, NNPC.

Tags: gas, oil, hydrocarbon production, legislation, taxes, investments, oil companies, oil and gas industry, Africa

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