Section 81

(1) Acquisition costs of petroleum rights shall be eligible for annual
for the
allowance at the rate of 20% until the cost is fully written off.
purposes of
income tax
on
petroleum (2) Capital allowance for other assets shall be granted as follows –
operations
(a) upstream petroleum operations assets shall be in accordance with
First
Part II of the First Schedule to this Act; and
Schedule
Nigeria Tax Act, 2025 2025 No. 7 A 441
(b) midstream and downstream operations shall be in accordance with First
Schedule
Part I of the First Schedule to this Act.