The Nigerian National Petroleum Corporation (NNPC) wants the National Assembly to hasten the amendment of royalty rates for oil gotten from deep offshore sources.
Responding to the publication of Petroleum Profit Tax (PPT) accrued to the country between the third quarter of 2015 and third quarter of 2017, which was released by the Central Bank of Nigeria (CBN), the corporation’s Chief Operating Officer, Upstream, Bello Rabiu, told TheGuardian that amendments to the deep offshore and inland basin production sharing contracts act of 1993 are welcome and needed.
He also proposed some needed changes to the National Assembly.
“It is our opinion that the proposal to increase the royalty rate for terrains beyond 1000 metres, from zero per cent to three per cent, is commendable but it is necessary to also make corresponding adjustments in other categories,” Rabiu said, adding that…
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