The Petroleum Industry Act (PIA) 2021, if implemented, will help stir Nigeria’s economic development by attracting and creating investment opportunities for local and international investors, says  Chartered Institute of Taxation of Nigeria (CITN).

According to its Dean, Extractive Industries Taxation Faculty, Mr Afolabi Akanni-Allimi, who stated this recently at a webinar to educate stakeholders on the imperatives of the new regime in the oil and gas sector of the economy, “the Act is one of the most audacious attempts to overhaul the petroleum sector in Nigeria which has finally come to be after almost 20 years of its conception.”

He explained  that “if implemented conscientiously, the PIA will help to stir Nigeria’s economic development by attracting and creating investment opportunities for local and international investors.”

Related News

On the theme of the webinar, which centred on the Legal and Regulatory Framework of the Governance Structure and Fiscal Provisions of the Petroleum Industry Act 2021, Akanni-Allimi stated that as a key player in the taxation and fiscal landscape of Nigeria, CITN organised the online training to build up skills for key players in the sector.

He added:  “The Institute intends to go further to harness the rich content of this training as ready reference material for members and other key players in the Industry. The success of this programme is in keeping with the vision of the 15th President of CITN, Mr Adesina Adedayo, and the entire CITN Council for consistently providing avenues for members of the Institute and the general public to be abreast of current developments in tax and fiscal policy areas in Nigeria. At the end of this program, the Institute would have equipped more hands to provide the needed services that will see to the success of the PIA 2021 in revolutionizing the Nigeria Oil and Gas Industry.”