Section 74

Where a company has not commenced the production and sale or Pre-
disposal of chargeable oil, all costs incurred wholly and exclusively for the production
cost
purpose of coming into upstream petroleum operations, subject to sections 68
and 69 of this Act, shall upon commencement of production and sale or disposal
of chargeable oil be deemed to have incurred a qualifying pre-production capi-
tal expenditure which shall be amortised in line with paragraphs 2 and 14 of First
Part II of First Schedule to this Act. Schedule
A 438 2025 No. 7 Nigeria Tax Act, 2025