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Companies involved in mining activities are liable to company income tax (20% or 30%), capital gains tax (10%), value added tax (5%) and education tax (2%) among others. In many cases, production-sharing contracts between the government and petroleum companies also determine the fiscal terms of oil and gas operations in the country. Companies operating with a concession or license in the oil sector are liable to pay royalties, petroleum profit tax and corporate income tax. The bill has recently been passed by the House of Representatives and only needs to be assented by the President before it becomes law. The Petroleum Industry Governance Bill (PIGB) was passed by the Senate in 2017 and is expected to reorganise the legal and fiscal terms governing the oil and gas sector. There are a myriad of other laws and subsidiary pieces of inter-related legislations that deal with specific operations of the industry. The Act, like the constitution, vests ownership of petroleum resources on the Federal Government of Nigeria. It provides comprehensive provisions for exploration, production and transportation activities in the sector. The Petroleum Act of 1969 is the primary legislation governing petroleum activities in Nigeria. The Federal Government is mandated to manage such natural resources in a manner as may be prescribed by the National Assembly.

The ownership and control of all minerals, oil and gas in Nigeria, its territorial waters and exclusive economic zone is vested in the Federal Government based on the provision of section 44(3) of the 1999 Constitution of the Federal Republic of Nigeria.

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