From Adewale Sanyaolu, Abuja
As the National Assembly prepares to harmonise the Petroleum Industry Bill (PIB) next week, oil industry leaders yesterday urged the legislators to address the lingering challenges of multiple taxes, levies hurting the sector.
Speaking on the topic: ‘‘What is the Future Outlook for Investment into Nigeria’s Energy Sector?” at the ongoing Nigeria Oil and Gas(NOG) Conference, the industry leaders submitted that cost of insecurity and unclear fiscals remained some of the factors discouraging investments in the oil sector.
Managing Director of Shell Petroleum Development Company of Nigeria (SPDC) and Country Chair, Shell Companies in Nigeria, Osagie Okunbor, said most tax agencies in the country see the oil sector as where to run to whenever they are in need of resources.
He said one of the issues the industry has been confronted with, especially around uncertainties, was the issue of multiplicity of taxes, levies where every institution feels whenever they need money, they can always go to the oil industry to impose fresh charges.
‘‘I think what will be very helpful is for the National Assembly, as it prepares to harmoinse the PIB, to put a stop to this kind of unhealthy practice.’’ He said, the PIB should clearly spell out taxes, charges and levies to be paid by oil industry which the law essentially allows and not another open ended situation that will create problems two after it has been accented to. On security, the Managing Director of Total Upstream Companies in Nigeria, Mr. Mike Sangster, said the Host Community provision in the PIB will help to address issues of insecurity.
