President Bola Ahmed Tinubu’s administration has commenced efforts to streamline more than 270 taxes, levies and statutory charges imposed on operators in Nigeria’s oil and gas sector as part of measures to improve competitiveness and attract investment.

The Federal Government has commissioned PwC to undertake a comprehensive review of Nigeria’s oil and gas fiscal regime, including an international benchmarking exercise to compare the country’s charges with those of other petroleum-producing nations.

Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, said the move followed concerns from industry operators over the multiplicity of taxes, fees and rents affecting businesses in the sector.

He said the review would help identify areas for harmonisation, reduce administrative bottlenecks and create a more efficient and investment-friendly environment for the oil and gas industry.

Industry stakeholders have long raised concerns that multiple charges from different agencies increase compliance costs and discourage investment.

The Federal Government said the outcome of the review will guide reforms aimed at simplifying the fiscal framework, boosting investor confidence and strengthening Nigeria’s position in the global petroleum market.