Section 88

(1) Fiscal stabilisation sections contained in a production sharing
stabilisation contract or other contracts entered into after the commencement of the
Petroleum Industry Act shall not be applicable to the fiscal provisions listed in
this Part, regardless of whether the changes in fiscal provisions affect the
contractor favourably or unfavourably, provided such changes in fiscal provi-
sion are being made in a manner that is not discriminatory to the petroleum
Act No. 6,
industry or the contractor.
(2) The respective fiscal provisions referred to in subsection (1) are –
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(a) generally applicable taxes, such as income tax, development levy,
value added tax, stamp duties, and deduction of tax at source;
(b) levies, taxes or payments to comply with modern principles in respect
of environment, labour laws, health and safety; and
(c) new taxes, levies or duties as may be prescribed by the Climate Act No. 11,
Change Act, or to implement Nigeria's commitments with respect to climate 2021
change under any international agreement.