Nigerian Senate passes a bill for amendment of the Deep Offshore and Inland Basin Production Sharing Contract Act, 2004
The Nigerian Senate recently passed the Deep Offshore and Inland Basin Production Sharing Contract Act 2004 (Amendment) Bill, 2019 (the Bill).
The Bill which will amend the provisions of the Deep Offshore and Inland Basin Production Sharing Contract Act 2004 (DOIBPSCA or the Act), when passed by the House of Representatives, and after the President’s assent, aims to shore up Nigeria’s revenue earnings.
Analysis of the Federal Government’s 2020 Budget Proposal
On Tuesday, 8 October 2019, President Muhammadu Buhari presented the proposed 2020 budget of the Federal Government of Nigeria to the joint session of the National Assembly (NASS), wherein he also itemised the policy thrust of FGN.
TAT’s judgement on employer’s obligation to remit tax on voluntary pension contribution withdrawals
The key issue for determination, amongst others, was whether the Appellant is obliged to deduct and remit pay-as-you-earn (PAYE) taxes on the voluntary pension contribution (VPC) withdrawals made by its employees before the timeline stipulated in the Pension Reform Act, 2014 (PRA).
Africa Oil & Gas State of Play
The African continent continues to boast a vast array of potential opportunities, particularly in the oil and gas (O&G) sector. The sector has historically been a primary driver of economic growth and is once again attracting investor interest as international energy prices recover. Africa’s proven oil and gas reserves account for 7.5% and 7.1% of global reserves respectively.
Economic Recovery and Growth Plan (ERGP): An assessment of the journey so far
The Economic Recovery and Growth Plan (ERGP) is a medium term all-round developmental initiative focused on restoring growth, investing in people and building a globally competitive economy. The ERGP was launched in April 2017. Precisely one year after its implementation, we examine the performance of the Plan in line with set execution principles in the table below.
CBN introduces special foreign exchange window for investors and exporters
The Central Bank of Nigeria (CBN) on 21 April 2017 announced that it has set up a special foreign exchange window for investors, exporters and end users. The announcement was made via a Circular referenced FMD/DIR/CIR/GEN/08/007.
Implications of Nigeria’s Draft Petroleum Fiscal Policy
As part of efforts towards reforming the oil and gas industry, the Ministry of Petroleum Resources (MPR) recently released the Draft National Petroleum Fiscal Policy.
Ministry of Petroleum Resources Releases Draft National Petroleum Fiscal Policy
The Ministry of Petroleum Resources has released a draft fiscal policy for Nigeria’s petroleum industry. This is a fall out of the Ministry’s roadmap tagged “7 Big Wins” for the petroleum industry which was launched last year (Deloitte Tax Alert – FG launches new roadmap for Oil and Gas Sector).
FG Releases 2016 Fiscal Policy Measures
The Federal Government of Nigeria has approved and ordered the immediate implementation of the 2016 fiscal policy measures (FPM).
The CFO Report 2016 – West Africa
What challenges are faced by CFOs in West Africa and the rest of Africa? In this report, 349 CFOs from South Africa, Southern Africa, East Africa and West Africa have given their views on the cost of funding, risk factors, cash flow priorities, expansion plans and strategic intent.
