Nigerian President, President Muhammadu Buhari who is currently on private visit to London has signed the Bill amending the Deep Offshore (and Inland Basin Production Sharing Contract) Act.
Announcing on Monday in a post on his official twitter handle, Buhari described the signing as a landmark moment for Nigeria.
According to Channel TV report, the Deep Offshore (and Inland Basin Production Sharing Contract) Act was recently passed into law by the National Assembly.
Buhari had in his tweet appreciated the lawmakers for their cooperation in making the ‘long overdue’ amendment possible, adding that during his 2020 Budget Presentation Speech before the National Assembly in October, he had earlier highlighted the need to urgently review the fiscal terms for deep offshore oil fields, to reflect current realities and to ensure increased government revenues.
See Tweets Below…
President Buhari is expected back in the country on November 17.
The Senate passed the Deep Offshore and Inland Basin Production Sharing Contract Act 2004 (Amendment) Bill, 2019 (the Bill) in October 2019.
The Bill, which aims to amend the provisions of the Deep Offshore and Inland Basin.