Insights into Nigeria's planned revamp of the Petroleum Industry Bill affecting local players were this week divulged by Tunde Afolabi, chairman of the Nigerian Association of Indigenous Petroleum Explorers&Producers (Naipec) and managing director of Nigerian independent Amni International Petroleum Development.
The new bill will be passed "imminently" Afolabi said.
Companies will enjoy a flat rate petroleum profit tax of 60% alongside royalties calculated according to a graduated sliding scale based on terrain and production volumes.Naipec
