OIL FIRMS DECRY MULTIPLE TAXES, SEEK PIA REVIEW AS NIGERIA JOINS IEA

Oil and gas companies operating in Nigeria have strongly criticised the burden of multiple taxation and called for a comprehensive review of the Petroleum Industry Act (PIA) to improve the investment climate.

The demand comes as Nigeria formally joins the International Energy Agency (IEA) as an association country, a move expected to enhance cooperation on energy policy, data sharing, and transition strategies.

Industry leaders argued that overlapping taxes at federal, state, and local levels, coupled with regulatory uncertainties, continue to deter investment and slow sector growth. “A review of the PIA is long overdue to address ambiguities and make the law more investor-friendly,” a senior executive from a major oil firm said.

The Federal Government has acknowledged the concerns and promised to engage stakeholders on necessary reforms while leveraging the IEA partnership to strengthen the sector.

Analysts believe that resolving these issues could attract fresh capital and support Nigeria’s energy security and diversification goals.