- 6 Marks
ATAX – Nov 2018 – L3 – Q6b – Petroleum Profits Tax (PPT)
Explanation of two roles each of DPR, NNPC, and CBN in regulating Nigeria's oil and gas industry.
Question
A large proportion of the total foreign exchange earnings generated by the Federal Government of Nigeria is from petroleum-related activities. In the oil and gas industry, several regulatory agencies, such as the Nigerian National Petroleum Corporation (NNPC), National Petroleum Investment Management Services (NAPIMS), Department of Petroleum Resources (DPR), Central Bank of Nigeria (CBN), Federal Inland Revenue Service (FIRS), etc., have been established to ensure sanity and accountability in the upstream, midstream, downstream, gas utilization, and oil service sectors.
You are required to: Explain two roles each, of the following players in the oil and gas industry in Nigeria:
- DPR
- NNPC
- CBN
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