Description: Taxation and State Participation in Nigeria's Oil and Gas Sector

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Taxation and State Participation in Nigeria's Oil and Gas Sector

Oil and gas are critical to Nigeria's economic and social performance. Oil alone accounts for 40 percent of the country's GDP, 70 percent of budget revenues, and 95 percent of foreign exchange earnings. Nigeria's dependence on petr...

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Bibliographic Details
Main Author:	World Bank
Language:	English en_US
Published:	Washington, DC 2014
Subjects:	ACCELERATED DEPRECIATION AUDITS BID CAPACITY BUILDING CAPITAL COSTS CAPITAL GAINS CENTRAL BANK COMPARATIVE ADVANTAGES CORPORATE INCOME TAX COST OF CAPITAL COSTS DEVELOPING COUNTRIES DEVELOPMENT PROJECTS ECONOMIC DEVELOPMENT ECONOMIC RENT ECONOMICS ENVIRONMENTAL COSTS ENVIRONMENTAL DEGRADATION EVASION EXCISE TAXES EXPECTED RETURNS EXPENDITURES EXPORTS GDP GDP PER CAPITA GROSS DOMESTIC PRODUCT INCOME INFLATION INNOVATION INTEREST COSTS INTERNATIONAL COMPETITIVENESS INVESTMENT CREDIT INVESTMENT MANAGEMENT INVESTOR CONFIDENCE ITC LICENSES MARGINAL TAX RATES MINING OIL OIL PRICES OIL RESERVES OIL SECTOR OPEC PETROLEUM PRICE FLUCTUATIONS PRICE LEVELS PRODUCERS PRODUCTION PRODUCTION ACTIVITIES PROFIT SHARING PROFITABILITY PROGRESSIVE TAXES PROSPECTING PROVISIONS PUBLIC EXPENDITURE PUBLIC FUNDS RATE OF RETURN REVENUE SHARING SANITATION SOCIAL COSTS TAX TAX BASE TAX POLICY TAX RELIEF TAX REVENUES TAX SYSTEM TAX SYSTEMS TAXATION UNCERTAINTY VENEZUELA WEALTH
Online Access:	http://documents.worldbank.org/curated/en/2004/08/5539607/taxation-state-participation-nigerias-oil-gas-sector http://hdl.handle.net/10986/18078

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Summary:	Oil and gas are critical to Nigeria's economic and social performance. Oil alone accounts for 40 percent of the country's GDP, 70 percent of budget revenues, and 95 percent of foreign exchange earnings. Nigeria's dependence on petroleum is much greater than that of many other major producing countries. 2. Taxation and state participation are both designed to deliver benefits from the petroleum sector to the state and are the subject of this report. This report is based on Bank staff missions to Nigeria in January and July 2000. Principal conclusions and recommendations are also included in this report.