Abstract
The authors examined the functions of the regulatory institutions in the Nigerian oil industry as provided for by the Petroleum Industry Act 2021. The Act established a comprehensive reform with the objective of enhancing effectiveness, transparency and accountability in the oil sector. The authors also analysed the functions and responsibilities of the key regulatory bodies, focusing on the roles of these institutions in the petroleum industry, comprising of; The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) respectively, as well as the outstanding functions they perform. The trajectory adopted was the examination of how these institutions are taxed in relation with various aspects of the petroleum industry such as licensing, compliance enforcement order, revenue generation and environmental management. It was found that the Petroleum Industry Act 2021 has the prospect of streamlining regulatory processes, attracting investment and promoting sustainable development. Ultimately, this analysis provided an in-depth understanding of the regulatory terrain established by the Petroleum Industry Act, furnishing insight as to its effectiveness and identifying areas requiring further legislative concentration.