Petroleum Profits Tax Act 1959

1824 Words8 Pages
dates they were formulated and amended. The Petroleum Profits Tax Act 1959 as amended by Petroleum Profits Tax Act No. 15 of 1973 (Part 111) section 2 states thus - “for the purposes of subsection (1) (b) of the value of any chargeable oil so disposed of shall be taken to be the aggregate of” (b) The value of that oil as determined for royalty, in accordance with the provisions of any enactment applicable thereon and any financial agreement; alternatively, (c) Arrangement between the Federal Government of Nigeria and the company. This act was enacted in 1959 before the Nigerian independence and later amended in 1973. The Petroleum Act of 1969, Section 1 Schedule 1 states thus: - (a) the entire ownership and control of all petroleum in, under or upon any lands to which this section applies shall be vested in the state. This section applies to all land (including land covered by water) which (a) Is in Nigeria, or (b) Is under the territorial waters of Nigeria, or (c) forms part of the continental shelf. Furthermore, the Petroleum (Drilling and Production) Regulations 1969 section 1(1) states that - “every application for an oil exploration licence, oil prospecting licence or oil mining lease shall be made to the Minister in writing on the appropriate form as set out in the schedule to these regulations” this particular act has made it possible for ministers in Nigeria to act in ways that more of self-interest than in the interest of the general public. It is one act
Open Document