President Buhari
President Muhammadu Buhari on Monday assented to the Bill amending
the Deep Offshore (and Inland Basin Production Sharing Contract) Act.
This was disclosed in a series of tweets on his verified Twitter handle.
Buhari tweeted, “This afternoon I assented to the Bill amending the
Deep Offshore (and Inland Basin Production Sharing Contract) Act. This
is a landmark moment for Nigeria; let me use this opportunity to thank
the National Assembly for the cooperation that produced this
long-overdue amendment.
“You will recall that in my 2020 Budget Presentation Speech before the
National Assembly in October, I highlighted the need to urgently review
the fiscal terms for deep offshore oil fields, to reflect current
realities and to ensure increased government revenues.
“Now, a month later, we have together with the 9th National Assembly
made history with the passage and the signing of the amended Bill into
law. We will continue to work together to deliver on all our promises to
ensure inclusive growth and enhance the welfare of all Nigerians.”
Buhari is in London on a private visit right now.