APPRAISING TAXATION AND THE NIGERIAN OIL INDUSTRY

Abstract

Taxation and oil ordinarily could be argued to have the semblance of source of income to power any economy. But in the larger picture there becomes the imperative to segment the terms to appraise the import each plays in a developing or fledging economy like Nigeria. The study therefore sought to look at ownership, management, control and the distinct nature of the oil industry whilst juxtaposing tax legislation, incentives and allowances accruable to players in the oil industry. In this lucid preparation, case law, reported and unreported cases were utilized. Text books, statutes, and opinions of jurists analyzed and internet materials resorted to. The position reflected the fact that taxation in the Nigeria oil industry should be effective as the pinnacle to reflecting the lives of the people as evidenced in the economy.
Keywords: Taxation, Oil Industry, legislation, incentives, ownership, management, control.