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Buhari Assents To Bill Amending The Deep Offshore (And Inland Basin Production Sharing Contract)

Unic Press UK: Nigerian president Muhammadu Buhari yesterday, in London, assented to the Bill that amends the Deep Offshore (and Inland Basin Production Sharing Contract) Act, which was recently passed into law by the National Assembly.

In his remarks, President 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 law on the distribution of income have failed. That is, until today… For the first time under our amended law, 200 million Nigerians will start to receive a fair return on the surfeit of resources of our lands. Increased income will allow for new hospitals, schools, infrastructure and jobs.” 

The presidency, through the special adviser to the president on media & publicity, Femi Adesina further says that “the amended Bill will generate at least 500 million US dollars in additional revenue for the Federal Government in 2020, and over one billion dollars from 2021.”

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