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In this interview with Channels TV, Nigeria’s Minister of Finance, Budget and National Planning, Zainab Ahmed, speaks on the reviewed Customs and Excise Tariff in the recently passed Finance Bill 2020.
She says the import duty reduction from 35 per cent to 10per cent, and zero per cent levies on tractors, transport vehicles and others, 50 per cent reduction of the minimum tax, is to ultimately reduce the rate of food inflation and not to hurt the local automotive industry.
The interview was transcribed by PREMIUM TIMES’ Ayodeji Adegboyega.
Read excerpts of the interview below.
Channels TV: Yesterday we heard the member of the House of Representatives who raised concerns about some provisions of the Finance Act, which he said lowers the tariffs for imported vehicles. He said that is going to adversely affect the automobile manufacturing concerns in this country. So could you shed some light on the reasons behind that decision?
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Existing Production Capacity of 27,000 barrels of oil equivalent per day Estimated 2P Reserves of 1.2 billion barrels of oil equivalent
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Lagos, Nigeria, January 15, 2021
– Heirs Holdings (“HH”), the leading African strategic investor, in partnership with affiliated company Transnational Corporation of Nigeria Plc (“Transcorp”), Nigeria’s largest publicly listed conglomerate, announced today the unconditional acquisition of a 45% participating interest in Nigerian oil licence OML 17 and related assets, through TNOG Oil and Gas Limited (a related company of Heirs Holdings and Transcorp), from the Shell Petroleum Development Company of Nigeria Limited, Total E&P Nigeria Limited and ENI. In addition, TNOG Oil and Gas Limited will have sole operatorship of the asset.
Elumelu assures of shared prosperity, economic devt, acquires 45% in OML 17 guardian.ng - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from guardian.ng Daily Mail and Mail on Sunday newspapers.
Vanguard News
Nigeria’s oil capacity to rise by 3,500 bpd
On
By Udeme Akpan
Nigeria’s oil production capacity is set to increase by additional 3,500 barrels per day, bpd, following the expected coming on stream of Ata Field in the Second Quarter (April-June) of 2021.
Ata field, located at Oil Production Licenses, OPL 2008, belongs to Heirs Holdings’ subsidiary, Tenoil, the operator of OPL 2008, which has a production sharing contract with Nigerian National Petroleum Corporation, NNPC.
In a message obtained from its website, TNOG Oil and Gas Limited, a related company of Heirs Holdings and Transcorp, stated: “Heirs Holdings’ subsidiary, Tenoil is the operator of OPL 2008, under a production sharing contract with NNPC. Tenoil is also taking the marginal Ata Field into production, with a capacity of 3,500boe/d expected in Q2 2021.”