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Tax payment has been a burden to business organizations, but a source of revenue to government. This study therefore, delved into the influence of government-imposed taxes on the profitability of firms, focusing on Nigerian Oil and Gas Companies. The research revealed that the coefficient of petroleum profit tax (PPT) exhibited a positive (11.28640) and statistically significant impact (P=0.0129<0.05). Similarly, the beta value of customs and excise duty (CED) displayed a positive (96.41566) and statistically significant impact (P=0.0013<0.05). On the other hand, the beta value of value-added tax (VAT) showed a negative effect (-706.1630) that was statistically significant (P=0.3117>0.05). In conclusion, this study demonstrated varying effects of government-imposed taxes on firms' profitability, particularly within Nigeria's oil and gas sector. While petroleum profit tax and customs and excise duty exerted positive and significant effects, value-added tax had a negative impact. Consequently, the study recommends a reduction in the value-added tax rate by the Nigerian government to facilitate the enhanced profitability of select oil and gas companies. Additionally, government should intensify its efforts in improving public infrastructural facilities like good access road, adequate electricity supply and security to assist private companies improve their profitability while reducing their expenses which will serve as an incentive and encouragement to enable them pay their taxes promptly and regularly. [ABSTRACT FROM AUTHOR]