Nigeria Tax Administration Act, 2025 · s.16–s.19, s.37, s.50, s.128–s.137
Upstream petroleum and gas
Estimated and actual returns, monthly and annual royalty returns, computations in US dollars, and penalties in the millions per day.
Who this lands on: Companies in upstream petroleum operations and midstream LNG.
An upstream company files estimated returns within two months of the start of each accounting period (s.16) and actual returns thereafter (s.17). Royalty returns are monthly (s.18) and annual (s.19).
All tax computations relating to petroleum operations are in US dollars (s.39(3)). Tax is payable in monthly instalments with a final instalment (s.50).
Late filing: ₦10,000,000 on the first day and ₦2,000,000 for every subsequent day (s.128). Late payment: 10% of the amount, interest at SOFR plus 10% or 2% above the CBN rate for naira, plus ₦10,000,000 on day one and ₦2,000,000 a day (s.129).
Incorrect accounts carry ₦15,000,000 or 1% of the tax undercharged, whichever is higher (s.131).