Section 81 Nigeria Tax Act 2025

Section 81 of the Nigeria Tax Act 2025 is about Allowances for the purposes of income tax on petroleum operations. It provides as follows:

(1) Acquisition costs of petroleum rights shall be eligible for annual allowance at the rate of 20% until the cost is fully written off.

(2) Capital allowance for other assets shall be granted as follows –
(a) upstream petroleum operations assets shall be in accordance with Part II of the First Schedule to this Act; and

(b) midstream and downstream operations shall be in accordance with Part I of the First Schedule to this Act.

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