Section 258: Objectives.

1 The objectives of this Chapter are to —
a establish a progressive fiscal framework that encourages investment in the Nigerian petroleum industry, balancing rewards with risk and enhancing revenues to the Federal Government of Nigeria;
b provide a forward-looking fiscal framework that is based on core principles of clarity, dynamism and fiscal rules of general application;
c establish a fiscal framework that expands the revenue base of the Federal Government, while ensuring a fair return for investors;
d simplify the administration of petroleum tax; and
e promote equity and transparency in the petroleum industry fiscal regime.

2 All money collected from the petroleum industry that are due to the Government shall be transferred to the Federation Account in a timely manner, subject to this Act and these payments shall include taxes, royalties, production shares, profit shares, signature bonuses, production bonuses, renewal bonuses, rents, fees, fines, and other levies due in relation to the grant, assignment, termination, and breach of licences, leases and permits.