International Oil Companies (IOCs) can now claim tax deductions on their costly decommissioning and abandonment (D&A) expenses if they deposit a minimum of 30 percent of those funds into an accredited Nigerian bank escrow account, according to the new tax laws in Nigeria. The provision, explicitly codified in Section 86 of the comprehensive Nigeria Tax Act (NTA) 2025, settles previous ambiguities and directly amends the fiscal framework established by the Petroleum Industry Act (PIA) 2021. The PIA 2021 had initially mandated the estab
International Oil Companies (IOCs) can now claim tax deductions on their costly decommissioning and abandonment (D&A) expenses if they deposit a minimum of 30 percent of those funds into an accredited Nigerian bank escrow account, according to the new tax laws in Nigeria. The provision, explicitly codified in Section 86 of the comprehensive Nigeria Tax Act (NTA) 2025, settles previous ambiguities and directly amends the fiscal framework established by the Petroleum Industry Act (PIA) 2021. The PIA 2021 had initially mandated the estab