Business
PENGASSAN warns Tinubu tax reform bills will stifle oil and gas industry growth
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has become the latest body to kick against the proposed tax reform bills forwarded to the National Assembly by President Bola Ahmed Tinubu.
In its opposition, the union noted that the bills could stifle exploratory activities in the oil and gas sector.
The PENGASSAN President, Festus Osifo, who addressed members at the union’s National Executive Council (NEC) meeting on Tuesday in Abuja, warned that the Nigeria Upstream Regulatory Commission (NUPRC) and the Nigeria Mid and Downstream Petroleum Regulatory Authority (NMDPRA) would be negatively impacted if the bills sail through.
He urged the Federal Government to expand the scope of tax relief exemptions, especially for workers in the oil and gas sector.
While the bills have gone through several debates in the National Assembly, PENGASSAN cautioned the legislature against hurriedly passing the tax bills without recourse to proper public hearing or effecting amendments where necessary.
He said,: “The Association notes the ongoing tax reforms and wish to demand that the tax relief exemptions that is given to those earning minimum wage and business should be expanded to accommodate more people and companies in that category.
READ ALSO: Bishop Kukah backs Tinubu’s tax reforms, says it’ll curb elite recklessness
“Clarity must be provided regarding revenue collection processes from oil and gas companies as some provisions in the bill have the likelihood of negatively impacting our members in some of our major branches like Nigeria Upstream Regulatory Commission (NUPRC) and the Nigeria Mid and Downstream Petroleum Regulatory Authority (NMDPRA).
“We shall be participating actively in the public hearing where our position will be well articulated.
“We hereby call on the National Assembly to conduct a proper public hearing session where different views will be collated to amend the provisions in the bill and not just to tick the box.”
By: Babajide Okeowo
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
