President Muhammadu Buhari Monday in London signed the amended Deep Offshore bill into law.
A statement by Senior Special Assistant to the President on Media and Publicity, Malam Garba Shehu, said the president after signing the bill, described today “as an important day for all Nigerians – but particularly the young generation.”
Also in a series of tweets on his verified Twitter handle at 4:23pm local time, the president who is currently in London on a private visit, said he had assented to the Bill amending the Deep Offshore (and Inland Basin Production Sharing Contract) Act.
“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.