FG MOVES TO STREAMLINE 270 OIL INDUSTRY TAXES, LEVIES

The Federal Government has initiated a major review aimed at streamlining over 270 different taxes and levies imposed on the oil and gas industry, in a bid to reduce the cost of doing business and attract more investment.

The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, disclosed this during a stakeholders’ engagement, noting that the multiplicity of charges has long been a source of complaint from operators. “We are committed to creating a more predictable and competitive environment for the sector,” Edun said.

The exercise will involve consultation with industry players, regulatory agencies, and state governments to rationalise and harmonise the levies. The government hopes the reforms will boost production, increase revenue, and support the broader economic diversification agenda.

Oil companies have welcomed the move, describing it as long overdue.

The review is expected to be completed within the next few months.