AN ANALYSIS OF THE EFFICACY OF FISCAL LAWS RELATING TO PETROLEUM OPERATIONS IN NIGERIA

📄 Project Abstract

Petroleum has become the number one resource in the world because of its universality. All other resources are demanded in varying scales, but not petroleum. However the catch is that while demand increases, existing production of this pearl declines. In Nigeria, the problem appears to be a double-edged sword. Declining production and the apparently doubted efficacy, and confused state, of the fiscal laws relating to petroleum operations in the country remain intractable problems which the government is grappling with. This calls for a re-examination of fiscal policy. Thus taxation is an inherent element of fiscal policy. The petroleum industry as a major revenue earner for the government is not immune from this inherent element. However, concerns surround the efficacy of the fiscal law relating to petroleum operations having regard to the hackneyed calls for, and untiring efforts at discovering, cheaper alternative sources of energy, in a world whose economic activities are now unleas...