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Yakubu Dogara

A new tax regime being put in place by the Nigerian government seems to bother operators in the country’s oil and gas sector, as they are seen kicking against the bill yet to be signed into the law. The proposed regime, seeking to amend the Deep Offshore and Inland Basin Production Sharing Contract Act, 2018 seeks to introduce additional 50 percent royalty on revenues above  $20/bbl 1993 real terms, which now translates to $35/bbl in 2019.