In London, Buhari Assents to Bill Amending Deep Offshore

MyNewsBite

President Muhammadu Buhari Monday in London assented to Bill amending the Deep Offshore (and Inland Basin Production Sharing Contract) Act.

The amended Bill, according to the Presidency, is expected to generate at least $500 million additional revenue for the Federal Government in 2020, and over $1 billion dollars from 2021.

Speaking in London after signing the bill, Buhari said: “Today is an important day for all Nigerians – but particularly the young generation.

“Today I signed into law the amended Deep Offshore Act. Nigeria will now receive its fair, rightful and equitable share of income from our own natural resources for the first time since 2003.

“In that year oil prices began a steep increase to double – and at times – triple over the following decade.

“All this time Nigeria has failed to secure its equitable share of the proceeds of oil production, for all attempts to amend the…

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