The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has raised concerns that the proposed tax reform bills could hinder exploration activities in the oil and gas sector. The association warned that if passed, the bills could negatively impact key regulatory bodies such as the Nigeria Upstream Regulatory Commission (NUPRC) and the Nigeria Mid and Downstream Petroleum Regulatory Authority (NMDPRA).
The proposed bills, which are currently under consideration in the National Assembly, have sparked opposition from some northern leaders and members of the Nigerian Governors Forum. However, the presidency insists on the necessity of the reforms, citing their potential benefits.
PENGASSAN has called for expanded tax relief exemptions, particularly for workers in the oil and gas sector, and emphasized the need for clarity on revenue collection processes from oil companies. The association is urging the National Assembly to ensure that public hearings are conducted properly, allowing for amendments to the bill before any passage.
Festus Osifo, PENGASSAN’s president, stated that the association would actively participate in the public hearing to advocate for its position. The group also called for a thorough review of the bill to gather diverse views and avoid a hasty decision-making process.
